The French Polynesian government says it has given the New Zealand consortium Kaitiaki Tagaloa until next month to secure funding for the Pacific's biggest hotel project to allow more Māori tribes to join in the venture.
French Polynesian politician Teva Rohfritsch Photo: Supplied / Présidence de la Polynésie française
The vice-president Teva Rohfritsch said by the deadline of 22 March, the consortium had not produced the guarantees proving it had funding of $US700 million to build a large part of the Tahitian Village project.
He said the head of the consortium, Tukoroirangi Morgan, was now in contact with 17 Māori tribes from the North Island to be included in the hotel project.
After a meeting in Papeete of those overseeing the Tahitian Village development Mr Rohfritsch said because of the changed make-up of the investor pool, Kaitaki Tagaloa was given an extra 45 days to finalise the contracts for signature.
He said other investors were ready to step up, should the New Zealand bid fail to materalise by early May.
There has been no comment from Kaitiaki Tagaloa.
The Tahitian Village project includes three-to five-star hotels and apartment complexes, totalling more than 1500 units.
About 2,500 people are expected to be employed for the construction phase.
The consortium includes Kaitiaki Property, Iwi International and Samoa's Grey Group, which already owns and runs five high-end hotels in Tahiti, Moorea and Bora Bora.
The Tahitian Village is a downscaled successor project to the $US3 billion Mahana Beach project which was abandoned after facing funding problems.