by Charley Piringi
None of the 69 workers of King Solomon Hotel will lose their job despite the official change of ownership from the Kennedy family to King Hotel and Resorts, today.
The assurance was given during a handover ceremony held at the hotel, marking the official transfer of ownership to King Hotel and Resorts Ltd, a company owned by the Solomon Islands National Provident Fund (SINPF).
Located in the heart of Honiara, King Solomon Hotel is the oldest accommodation facility in the county, built in the 1960s by the Saunders family.
SINPF chief executive officer Mike Wate told In-depth Solomons King Hotel and Resorts is a new company.
“We purchased the King Solomon Hotel’s assets, not the company itself,” Wale explained.
“By law, all King Solomon Hotel staff must be made redundant or laid off, and they are required to reapply for their positions,” he added.
“However, we have agreed to retain them and bring them on board the new company to continue their work.”
The SINPF acquired the King Solomon Hotel assets for SBD50 million, securing a 55% ownership stake, while they sold 45% to O’Neil Ramington Group, a company owned by former Papua New Guinea Prime Minister Peter O’Neill.
O’Neil Ramington Group, who have expertise in hotel management, will run the hotel.
O’Neill, who also spoke at today’s ceremony, also reassured the hotel’s staff of their jobs.
“I want to assure the staff that are working here: we are taking you on board to continue with us in the new company,” O’Neill said.
“We will operate the hotel while also managing the construction to ensure no one loses their job,” he added.
Finance Minister Manasseh Sogavare described the King Solomon Hotel as a “national icon”.
“This hotel now symbolizes national unity in our country,” Sogavare said.
The handover ceremony concluded with the former owner of the King Solomon Hotel, Susan Kennedy, officially transferring ownership to Wate.
The new owners have decided to retain the hotel’s iconic trading name, King Solomon Hotel.
The origins of King Solomon Hotel traces back to the 1960s when Saunders built the hotel with just nine rooms.
In the 1990s, Island Hotels took over operations of the hotel and expanded the structure of the facility to the state it is today.
In 2002, the hotel again changed hands, with Australians Shane and Susan Kennedy taking on the reins and running it until today’s takeover.
This latest SINPF acquisition lies right next to the SBD$112 million modern accommodation facility the fund is currently building on the hill-side overlooking Honiara’s CBD.
When completed, it will be leased long-term to the Australian Government for the accommodation of its diplomats working in Solomon Islands.
