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

 

Finance: Major Campaign To End "Gross Overtaxation Of Savings"

The campaign – which includes a special web site through which New Zealanders can e-mail their own and other MPs and party leaders – is backed by Age Concern, Consumer NZ, the Financial Services Council and the Taxpayers’ Union. More>>

ALSO:

Scoop Business: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news