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.”