The latest acquisition by PRHG increases its Cook Islands properties portfolio to five. The 14-unit Little Polynesian fell on hard times and was understood to have owed a commercial bank about $4 million.
The recent transaction sees the PRHG take a majority equity shareholding position combined with a full management agreement of Little Polynesian Resort.
CEO Greg Stanaway says five of the country’s leading properties now fall under the PRHG umbrella to create the country’s largest hotel chain in the Cook Islands based on sales turnover.
Hotels operating under the PRHG banner now include: Pacific Resort Rarotonga, Pacific Resort Aitutaki, Te Manava Luxury Villas & Spa, Little Polynesian Resort and through the PRHG partner program Moana Sands Beachfront Hotel & Villas.
“We will retain the iconic Little Polynesian Resort brand and continue to work on the solid foundations already in place while further enhancing its reputation in the market.”
As for the transition and assimilation of Little Polynesian Resort into PRHG, Stanaway says "nothing changes immediately and it is business as usual”.
The Little Polynesian was built in 1974 by Tasmanian artist Len Staples and his Manihiki wife. The property began with nine units set back from the beach. In 1985 the late Te Tika Mataiapo Dorice Reid and her sister Jeannine Peyroux (also deceased) purchased the property and oversaw extensive redevelopment in 2005 with 14 luxury beachfront units, fine dining restaurant and infinity pool. Under the management of the two sisters, the boutique resort won two World Travel Awards.