Prime Minister Hon. James Marape has hailed the official opening of the Sheraton Port Moresby Stanley Hotel and Suites as a major vote of confidence in Papua New Guinea’s growing economy, as the Government targets a K500 billion economy by 2045.
Speaking at the grand opening ceremony on Saturday night, Mr Marape welcomed the investment by RH Group and its partnership with global hospitality giant Marriott International, describing the development as another significant milestone for PNG’s tourism and hospitality industry.
The Prime Minister said Papua New Guinea’s economy had grown from approximately K2 billion at independence in 1975 to an anticipated K140 billion in 2026, with the Government targeting K300 billion by 2035 and K500 billion by 2045.
He assured international investors that PNG remained a robust democracy with a free-market economy offering significant opportunities for investment, tourism and business expansion.
“Our country remains a robust democracy amidst our shortcomings. We are guided by free market economy characteristics, making sure that everyone has a fair place to live, do business, and stay in our country,” Mr Marape said.
Marriott International’s President for Asia Pacific, excluding China, Mr Raj Menon, praised PNG’s enormous tourism potential and the hospitality of its people.
“For me, it’s my first visit to this beautiful land and I am truly impressed with the hospitality. It tells me that this country has enormous potential,” Mr Menon said.
He said Marriott’s global network of more than 10,000 hotels demonstrated the company’s international reach, adding that hotel investments create employment and economic opportunities for local farmers, fishermen, suppliers and businesses.
Meanwhile, RH Group Director Mr David Tong announced further major developments under Vision City Stages Three and Four, including residential apartments, commercial offices, medical facilities and entertainment centres.
Mr Tong said the developments would create a modern “vertical village” and further transform Port Moresby’s skyline.
He paid tribute to his late father’s vision of establishing world-class infrastructure in Papua New Guinea, emphasising RH Group’s commitment to long-term investment and community development.
The opening of the Sheraton Port Moresby Stanley Hotel and Suites marks another major investment in PNG’s hospitality industry, strengthening Port Moresby’s position as a destination for international business, tourism and major conferences.
The development also demonstrates continued private-sector confidence in Papua New Guinea’s long-term economic growth and investment potential.