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(TGH) Sells The Grand Mercure Puka Park Resort

1 June 2006

Tainui Group Holdings (TGH) Sells The Grand Mercure Puka Park Resort.

Tainui Group Holdings announced today that it has sold The Grand Mercure Puka Park Resort to Accor Première Vacation Club (APVC) for an undisclosed sum.

Announcing the sale, TGH Chief Executive Steve Murray said that The Grand Mercure Puka Park operates in a specialised niche of the tourism market.

"The Resort is in a relatively isolated geographical location – which is an important part of its exclusive appeal," Mr Murray said.

The Group's divestment of this asset will allow TGH to focus its accommodation investments on main stream offerings in the hotel sector such as the Novotel-Tainui Hamilton and the construction of the Ibis-Tainui in Hamilton. “, he said.

Accor has operated The Grand Mercure Puka Park Resort under a management agreement with TGH and will continue to do so for APVC.

"The Grand Mercure Puka Park has an iconic stature in the Coromandel and APVC is the ideal organisation to take it to the next level – something that will be beneficial for the Coromandel region."

Mr Murray said that the Resort was a natural fit with APVC as they already own several Mercure Grand hotels throughout Australia.

Mr Murray said that TGH and APVC see this transaction as being beneficial to both organisations.

ENDS

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