Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


TGH purchases full interest in Hamilton Riverview Hotel


TGH purchases full interest in Hamilton Riverview Hotel (Novotel Tainui and Ibis Tainui)

4 June 2014

Tainui Group Holdings (TGH) has purchased the outstanding shares of Hamilton Riverview Hotel Ltd (HRH) to take a 100% stake in the company.

HRH owns the Novotel Tainui Hotel and Ibis Tainui Hotel which are both located in central Hamilton. HRH was formed in 1999 with TGH and Hamilton City Council (HCC) each taking a 41.38% stake and hotel operator Accor the remaining 17.24% In October last year TGH purchased HCC’s 41.38%.

Tainui Group Holdings Chief Executive Mike Pohio said the option to purchase Accor’s shareholding arose after HCC sold its stake last year. “Like with HCC, TGH was the logical purchaser of Accor’s 17.24%,” he said.


Mr Pohio said it will be business as usual for guests. “As part of this purchase we have extended Accor’s management contract for a further 25 years, and we look forward to continuing to support them in the management of the hotels.”


Accor Senior Vice President New Zealand, Fiji and Japan, Garth Simmons said: “We are very proud to have been part of setting up this venture with the Tainui Group Holdings and the Hamilton City Council 15 years ago. We look forward to a continued strong relationship with TGH with the on-going management of Novotel and ibis Tainui Hamilton.”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

The Nation: Call For Cross-Party Auckland Housing Plan

Penny Hulse calls for cross-party accord on Auckland housing because “it’s too important to score political points on”. More>>

ALSO:

Flu Season: Overcoming Vaccination Reluctance

While research shows that 40% of New Zealand businesses offer free or subsidised flu vaccinations to employees this time of year, HR professionals say persuading staff to participate is the biggest challenge. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news