"This launch is more than the recognition of a truly outstanding resort development," said Prime Minister Rabuka. "I believe that this is the beginning of a significant expansion of our tourism industry, and that the Outrigger Reef Fiji Resort is the catalyst that will help make it happen, sending a clear message to investors around the world that Fiji is a safe, secure, and profitable destination in which to invest." 
 
Committed to the excellent investment opportunities and to Fiji�s growing tourism, Outrigger became an equity partner in the development project. Bank of Hawaii, another Hawaii-based company with a substantial and long-standing presence in the Pacific region, helped finance the project with a senior loan. �We see a great potential for the Outrigger Reef Fiji Resort to help the visitor industry in Fiji, as well as the local economy,� said Mike Ord, senior vice president and general manager of Bank of Hawaii�s South Pacific Division. 

Additional funding for the resort�s US$23.2 million development project comes from the International Finance Corporation (IFC), with an investment of US$3.9 million in a convertible subordinated loan. IFC�s support of the project comes from the belief that the Outrigger Reef Fiji Resort will promote economic development, foreign exchange earnings, and employment in the local Korotogo and Sigatoka areas of Fiji. The European Investment Bank also is providing a convertible subordinated loan, and the ANZ Bank is providing a senior loan. 

Geoffrey Shaw, chairman and chief operating officer of Hillview Limited, the resort�s owner and developer, also is pleased with Outrigger�s strong commitment to the project. �Outrigger Hotels & Resorts� extensive sales and marketing network, as well as its expertise in managing Pacific properties and its ability to attract and serve international clientele, were primary considerations when selecting Outrigger as the management company for the Outrigger Reef Fiji Resort.� 

Bill Henderson, vice president of business development for Outrigger Hotels & Resorts, explained the company�s successful expansion strategy. "In lieu of simple management contracts, we prefer to become involved in the early stages of the design and construction of our properties, providing technical services and other expertise. 

This strategy results in cost savings for the developer, greater efficiency in property design, and the ultimate benefits of enhanced guest experiences and profitability for the owners.� 

Outrigger Hotels & Resorts is a division of Hawaii-based Outrigger Enterprises, Inc. Once properties under construction are completed, Outrigger will operate a total of 45 hotels and resorts in the Pacific region, representing more than 12,000 hotel rooms and condominium units in Hawaii, Micronesia, Australia, and the South Pacific. Outrigger�s affiliate, Outrigger Lodging Services, manages nearly two dozen U.S. Mainland hotels and resorts. 

Internet users can access information on Outrigger via the World Wide Web www.outrigger.com.