A new luxury resort has opened on a Tahitian island once owned by Marlon Brando. And it could soon start to pay a dividend to Washington state’s retired public employees. That’s because the state’s investment board is a majority owner of the company that owns the resort. It’s a story we first brought you two years ago.
The Brando is a $4000 per night resort that made CNBC’s list of “Hot travel trends for the uber-rich.”
The New York Times described it as a 35-villa luxury resort and scientific research lab with a near-zero carbon footprint. Washington state investment officer Steve Draper has not only visited, he got to stay the night. But it was all business.
“I had high expectations and our partner exceeded those expectations in the finished product,” Draper said.
The Brando was originally slated to open in 2012, but there were some delays. Draper expects the resort will begin to produce a return on investment within the next few years.
Draper added, “The early news is very, very positive and the reviews are very good and our confidence level is very high that this will be a good outcome.”
Real estate is currently about 12 percent of Washington’s investment portfolio.
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