Huahine, French Polynesia - March, 1998 - When creative visionary, Tom Kurth, first purchased the property from Julio Iglsias in the 1980’s, it was the beginning of a dream. Following his financial success in the states, this American biochemist (who invented liquid smoke) decided to resolve a mid-life crisis by swapping pin stripe suits for ragged shorts and sailing the Pacific in a 55-foot Chinese junk, which he built. He ultimately met and married Miss Huahine and began crafting his own vision of “paradise” on the pristine island of Huahine.
Hana Iti (“little bay”), the resulting luxury resort, was an instant and celebrated success, attracting global press, famous CEOs for corporate retreats like PepsiCo’s International Board of Directors and celebrity guests like Diana Ross, who booked Hana Iti and invited her friends from around the world for her 50th birthday bash. For overworked execs and global travellers, it was pure fantasy!
But the dream began to unravel when the French tested its last nuclear bomb (far away on a small Territorial atoll) and hospitality occupancies nose-dived throughout the Territory due to global boycotts of all things French. It sent Hana Iti, French Polynesia’s newest upscale resort, on its downward spiral. Occupancies, posted at nearly 80%, dropped in half overnight. Tahiti and her sister islands are digging out from the economic chaos, and both the French and Territorial governments have put teeth into their plans to double Tahiti’s tourism, including as much as 60% incentives for new construction, expansion of existing resorts and other benefits.
Hana Iti is a full service destination resort, featuring 25 uniquely individual Tahitian villas, restaurant, bar, office, reception, tennis, owner and manager homes, all infrastructure, amenities, ff&e…and US$9 million in tax credits.
The property now needs an investor to develop Phase II: 15-30 over-water bungalows, a marina and possible casino. Hana Iti can be acquired for a fraction of its appraised value due to family motivation, and a strong US dollar makes Hana Iti especially attractive to US investors. Further insight and information is available from Pacific Island Investments, exclusive representative of Hana Iti Resort. Or you may visit it at the PII website: http://www.pacislands.com/hanaiti.htm
Pacific Island Investments specializes in boutique hotels, private islands, wineries, forests, investment and development opportunities throughout paradise: Hawaii, Tahiti, Fiji, Cook Islands, New Zealand and Vanuatu. Investors, hoteliers and REITs can learn more by visiting PII at http://www.pacislands.com
Brokers will be protected.