The Cook Islands' derelict Sheraton Hotel is set to be refurbished under the management of Little Polynesian's Sam Napa.
Construction of the property began in 1991, but has remained neglected after finances ran out for the multi-million dollar Sheraton hotel, with about 95 percent of the complex completed.
Mr Napa, who has been expanding the list of properties under his management, says now there is enough money for the project via investors Mirage Group Limited.
He says the resort will be constructed according to the original plan, with the addition of over-water bungalows by the artificial lagoon.
Mr Napa says the project will start after an Environmental Impact Assessment.