27 Mar 2007

PNG's first five star hotel planned for middle of 2007

10:00 am on 27 March 2007

The construction of Papua New Guinea's first five star star hotel is planned to begin mid this year following an agreement signed between the government and a South Korean company, CMSS.

The hotel, which will be sited in Port Moresby on state land at Four Mile, will contain a casino.

The company's managing director, Jimmy Kim, is rejecting opposition criticism that they are inexperienced firm in the hotel industry.

He says the company has a 35 million U.S. dollar investment in the industry.

The PNG government has granted the company a 10-year corporate tax holiday and import duty exemption on supplies and equipment and for the construction.