Jump to content

Grey Investment Group

Add links
From Wikipedia, the free encyclopedia

Grey Investment Group
FormerlyThe British Club
Aggie Grey's Hotel
Company typePrivate
IndustryTourism
Founded1933; 91 years ago (1933) in Apia, Samoa
FounderAggie Grey
HeadquartersNew Aggie Grey's Building, Main Beach Road,
Apia
,
Samoa
Areas served
Samoa
French Polynesia
Key people
La’auli Alan Grey (Chairman)[1]
ServicesResorts
OwnersFredrick Alan Grey (50%)[2]
Tanya Kathleen Grey (50%)[2]
SubsidiariesNational Bank of Samoa

Grey Investment Group is a private Samoan tourism company that has assets throughout the Pacific Region. Grey is a dominant company in the Samoan investment market. Some assets are jointly-held with the Government of Samoa; for example, the investments in Virgin Samoa were jointly held with the Government as co-shareholders.[3]

History

[edit]

Early history

[edit]

Grey Investment Group dates back to 1919 when Aggie Grey opened the Cosmopolitan Club in Apia.[4] In 1933 Aggie Grey purchased The British Club using a £200 loan she had received from a close friend. After the purchase 'Aggie's' ; as her businesses were known to be called, ventured into illegal alcohol trading during the Samoan Prohibition on Alcohol by purchasing alcohol from ships passing through Samoa and selling it on to those who enquired. It is commonly believed that Aggie's was not a proper business until the American Forces entered into Apia in 1943 for use as a naval port, when Aggie and the Grey family started selling burgers and coffee for the American soldiers.[1] During this time she also operated sandwich carts throughout Apia.[5] It was said that Marlon Brando was a regular at the hotel when in Samoa.[6]

Aggie's was the set and accommodation for cast and crew for the film "Return to Paradise." Aggie was personally behind the scenes and personally supervised the production of the film. Her hotel was the accommodation and management base for the entire film crew; and day by day, she led the catering unit on location in Lefaga.[7]

Aggie's after Cyclone Evan

[edit]

When Cyclone Evan hit Samoa between 11 December and 15 December in 2012, Aggie Greys Hotel was badly damaged and closed for more than 3 years. During the closure, all 300 staff members were employed within other parts of the company, such as, the Apia Bottling, the countless acres of Farmland, Scenic Tours, or the Resort. The family used insurance money as well as money granted by the Central Bank of Samoa and Developmental Bank of Samoa to re-build the hotel.[1]

In August 2013, it was reported that upon re-opening, Sheraton Hotels and Resorts would assume the management role for the hotels. The hotels however would remain under the ownership of the Grey Investment Group.[8][9]

The hotel was ready to open in April 2016, with the Grand Re-Opening occurring on 30 April. Distinguished guests including President of French Polynesia Edouard Fritch, Head of State of Samoa Tufuga Efi, Prime Minister of Samoa Tuilaepa Aiono Sailele Malielegaoi, and Former Minister of Finance of Samoa Faumuina Tiatia Liuga attended the re-opening.[1]

The total cost of renovations are estimated to be roughly $40 million.[10]

It was reported by Radio New Zealand in May 2017 that Grey Investment Group planned to acquire Manava Beach Resort and Spa, located in French Polynesia; however, the company was passed over, with China's HNA Group eventually acquiring the resort.[11]

Receivership

[edit]

The company entered receivership in August 2023. Grant Thornton New Zealand were appointed as receivers.[12]

Investments

[edit]

Aggie Grey's Hotel Limited

[edit]

The Grey Investment Group directly hold 4,039,375 shares, and indirectly hold a further 192,500 shares in Aggie Grey's Hotel Limited,[13] the holding company of both Sheraton-managed Aggie Grey hotels as well as the Le Panina Golf Course & Functions Centre, and the Whitesands Samoa Casino. The shareholding gives the company an 88.53% shareholding in Aggie Grey's Hotel Limited.

Aggie Grey's Hotel Limited owns,

Le Méridien

[edit]

In July 2011, General Manager of Grey Investment Group, Fredrick Alan Grey started travelling to Tahiti to meet with then-President of French Polynesia Oscar Temaru, Fidupac Tahiti Representative Jose Chanlin, and the Vice President of GDF Suez France, Frederic Martin, to negotiate the purchase of Le Méridian Tahiti Resort. In December 2011, it was reported that the Grey Family had completed the purchase of Le Méridien for an undisclosed amount. The Grey Family reportedly acquired the resort from French multinational GDF Suez. The transaction was handled by accounting firm Fidupac Tahiti.[15] The Grey Investment Group's website states that the resort was purchased for $15 million.[16]

Le Méridien is a 5-star hotel that features roughly 200 rooms,[17] and was redesigned by award-winning French designer Didier Lefort in 2010. The resort also features two cocktail bars, two restaurants, a spa, and tennis courts. It owns and operates its own private white sand beach and gardens, multiple conference and meeting rooms and is located 15 minutes from Fa'a'ā International Airport.[15]

Tahiti Nui Travel

[edit]

In November 2014, it was announced that AccorHotels had appointed JLL Hotels & Hospitality Group to sell their three French Polynesian island resorts in order to focus on existing European investments. Expressions of Interest for the properties closed Wednesday, 26 November 2014.[18]

Senior Vice President of JLL Hotels & Hospitality Group Peter Harper said, "This rare offering presents investors and owner-operators with an unparalleled counter-cyclical opportunity to acquire a large scale presence in this world renowned tourism destination. Located only a short distance from Tahiti, Bora Bora and Moorea boast a level of geographic beauty and overall luxury unrivalled elsewhere."[18]

On 6 March 2016; AccorHotels announced that Grey Investment acquired all three Sofitel-branded resorts in French Polynesia for undisclosed sums. According to the report, Fredrick Grey and Franck Falletta negotiated for over six months regarding the acquisition of the holding company of the resorts, Tahiti Nui Travel.[19] The resorts are operated and managed on a day-by-day basis by AccorHotels. Along with the purchase of the resorts, Tahiti Nui Travel also own the, Tahiti Tours, Tekura Travel Tahiti and Pacific Experience operations. Final Deed of Ownerships were signed 18 November 2016.[20] Through the Tahiti Nui Travel acquisition, Grey Investment acquired an undisclosed minority-shareholding in Air Tahiti Nui.[citation needed]

After the sale, AccorHotels Chief Operating Officer, John Orzinga said, “This deal with the Grey Investment Group highlights our continued capability to attract leading investors in the Pacific region.”[21]

The Sofitel Resorts are;

  • Sofitel Bora Bora Private Island
  • Sofitel Bora Bora Marara Beach Resort
  • Sofitel Moorea Ia Ora Beach Resort Hotel

Samoa Scenic Tours

[edit]

Founded in 1967 by the Grey family and two smaller investors. The Grey Family hold multiple stakes in Samoa Scenic Tours & Inbound Services Ltd that account for 1,800 shares (42.86%) of the companies ownership making them the largest shareholder, with the two smaller shareholders owning 1,200 shares (28.57%) each.[22] Samoa Scenic Tours operate in all fields of the Tour industry as they operate coach tours, air charters, cruise ship tours, as well as tailored tours and inter-island tours within the pacific.[23]

Samoa Scenic Tours operate Visitor Information, Domestic Travel Booking and Meet & Greets. They also operate ventures in Accommodation Services and Accommodation Transfers, as well as, Event Management through their Parent company.[23]

Other investments

[edit]
  • Grey Investment hold a 50.06% shareholding in Apia Bottling Company Ltd.[24] Apia Bottling is responsible for Manufacturing, Importation, and Exporting of all bottled goods in Samoa.
  • Grey Investment hold a 20.00% shareholding in Samoa Artisan Water Company Ltd.[25] a High-end bottled water exporter headquartered in Samoa. Large importers include China, New Zealand, and Taiwan.[26]
  • Grey Investment own Aggie Grey's Inflight Catering Services; who have contracts to operate Catering Services for Air New Zealand, Thomson Airways, and Iceland Air; for their flights leaving Samoa. The company also serves the Royal New Zealand Air Force, Royal Australian Airforce, and Private Charter Airlines.[27]
  • Grey Investment own roughly 1.66% of Oceania Gas Ltd.[28] Originally BOC Samoa, merged with BOC Fiji to form Oceania Gas Ltd with the majority owned by Vinod Patel Investments Limited.[29]
  • Grey Investment own 2% of Virgin Samoa[30]
  • Grey Investment own an undisclosed shareholding in the National Bank of Samoa[31]
  • Grey Investment own a multitude of commercial and residential property investments throughout Samoa and New Zealand[32]
  • Grey Investment have an undisclosed shareholding in Polynesian Airlines[33]

References

[edit]
  1. ^ a b c d Tupufia (30 April 2016). "SAMOA'S HOTEL - Congratulations Sheraton Samoa Aggie Grey's". Samoan Observer. Retrieved 21 September 2016.
  2. ^ a b "View Private Company Details GREY INVESTMENT GROUP LTD (201301447) [Private Company]". companies.govt.ws. Samoa Companies Registry. Retrieved 9 January 2017.
  3. ^ Grey. "Virgin Samoa, International Airlines". greyinvestmentgroup.com. Grey Investment Group. Retrieved 21 September 2016.
  4. ^ Enderby, Jenny (24 August 2003). "Charmed by Samoa". New Zealand Herald. Retrieved 9 January 2017.
  5. ^ Turnball, Robert (9 May 1982). "Aggie Grey's a fabled inn". New York Times. S Observer. Retrieved 21 September 2016.
  6. ^ "SAMOA'S AGGIE GREY'S HOTEL AND BUNGALOWS OPENS WITH NEW LOOK". Samoa Travel. 15 July 2016. Retrieved 9 January 2017.
  7. ^ Dunleavy, Terry (26 April 2016). "Memories of the incomparable Aggie Grey". samoaobserver.ws. Retrieved 9 January 2017.
  8. ^ Field, Michael (7 August 2013). "Aggies moves into hotel chain". Stuff.co.nz.
  9. ^ Budvetas, Sophie (8 August 2013). "Aggie's signs up to global hotel group". Samoa Observer. Archived from the original on 12 August 2013. Retrieved 9 January 2017.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  10. ^ Yousef, Robyn (9 September 2015). "Samoa: Aggie's legend lives on". NZ Herald. Retrieved 21 September 2016.
  11. ^ "Samoa investors fail to purchase French Polynesia resort". Radio New Zealand. 11 May 2017. Retrieved 3 December 2017.
  12. ^ Matai'a Lanuola Tusani T - Ah Tong (16 August 2023). "Grey Investment Group in receivership discussions". Samoa Observer. Retrieved 16 August 2023.
  13. ^ "View Private Company Details AGGIE GREY'S HOTEL LIMITED (0582) [Private Company]". companies.govt.ws. Samoa Company Register. Retrieved 9 January 2017.
  14. ^ a b "Sheraton opens a second 'Aggie Grey' property". BTN News. Impacthub.com.au. 6 July 2016.
  15. ^ a b "SAMOA'S AGGIE GREY'S BUYS 5 STAR RESORT IN TAHITI". Pacific Islands Report. 29 December 2011. Retrieved 9 January 2017.
  16. ^ "New Investments". greyinvestmentgroup.com/. Grey Investment Group. Retrieved 9 January 2017.
  17. ^ "Samoa's Aggie Grey's buys Tahiti resort". Radio New Zealand. 27 December 2007. Retrieved 21 September 2016.
  18. ^ a b Harper, Peter (20 November 2014). "Accor Appoints JLL to Sell Three Sofitel Resorts Across Bora Bora and Moorea". Hotel News Resource. Retrieved 9 January 2017.
  19. ^ Roe, Teiva (8 March 2016). "Le samoan Frédérick Grey rachète les 3 hôtels Sofitel en Polynésie (Officiel)" (in French). France TV Info. Retrieved 9 January 2017.
  20. ^ Viatge, Jean-Pierre (22 November 2016). "Tahiti Nui Travel bascule dans le groupe Grey" (in French). Tahiti Infos. Retrieved 9 January 2017.
  21. ^ Wilkinson, James (21 April 2016). "AccorHotels offloads French Polynesia resort portfolio to Grey Investment Group". Hotel Management Australia. Retrieved 9 January 2017.
  22. ^ "View Private Company Details SAMOA SCENIC TOURS & INBOUND SERVICES LIMITED (0584) [Private Company]". companies.govt.ws. Samoa Company Register. Retrieved 9 January 2017.
  23. ^ a b "SAMOA SCENIC". Travel Samoa. Retrieved 9 January 2017.
  24. ^ "View Private Company Details APIA BOTTLING COMPANY LIMITED (0583) [Private Company]". companies.govt.ws. Samoa Companies Register. Retrieved 9 January 2017.
  25. ^ "View Private Company Details SAMOA ARTESIAN WATER COMPANY LTD (0705) [Private Company]". companies.govt.ws. Samoa Companies Registry. Retrieved 9 January 2017.
  26. ^ TUILAEPA, Fatiaalofa Aiono Lupesolia'i Sailele Malielegaoi (16 July 2015). "Samoan Artesian Water in China". Ministry of Foreign Affairs and Trade of Samoa. Retrieved 9 January 2017.
  27. ^ "Airline Catering Services for Air New Zealand". greyinvestmentgroup.com. Grey Investment Group. Retrieved 9 January 2017.
  28. ^ "View Private Company Details OCEANIA GAS LIMITED (0887) [Private Company]". companies.govt.ws. Samoa Companies Register. Retrieved 9 January 2017.
  29. ^ "Oceania Gas takes off". Samoa Observer. 27 April 2016. Retrieved 9 January 2017.
  30. ^ Sandilands, Ben (10 January 2012). "A Virgin with tatts is one of world's top earning jets". Crikey. Retrieved 9 January 2017.
  31. ^ "National Bank of Samoa". greyinvestmentgroup.com. Retrieved 9 January 2017.
  32. ^ "GREY INVESTMENT GROUP". swlegal.co.nz. Steindle Williams Legal. Retrieved 9 January 2017.
  33. ^ Smith, Mackenzie (2 June 2017). "Samoan airline deals at centre of Tokelau chopper purchase". AUT University Pacific Media Center. Asia Pacific Report. Retrieved 3 December 2017.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Grey_Investment_Group&oldid=1198293382"