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

 


Tainui buys out partner in Hamilton Riverview Hotel

Tainui buys out partner in Hamilton Riverview Hotel

By Suze Metherell

June 4 (BusinessDesk) - Tainui Group Holdings, which manages the commercial interests of Waikato-Tainui Te Kauhanganui Inc, has bought international hotel chain Accor's 17 percent stake in Hamilton Riverview Hotel, making it the outright owner of two of Hamilton's central hotels.

Accor sold its stake in Hamilton Riverview Hotel, which owns Hamilton's Novotel Tainui Hotel and Ibis Tainui Hotel, to the iwi's corporate unit for an undisclosed amount.

Last October, the tribe's investment arm paid the Hamilton City Council $12 million last year for it 41.4 percent stake, doubling its stake to 82.8 percent. At that valuation it implies the 17 percent stake was worth about $5 million.

Tainui chief executive Mike Pohio said it would be "business as usual" at the hotels and Accor's management contract had been extended by 25 years.

Earlier this year Tainui partnered with fellow iwi corporate unit Ngai Tahu Capital and private investor Pioneer Capital to buy dairy technology manufacturer Waikato Milking Systems for an undisclosed sum. Last year Tainui said it would be taking direct stakes in medium to large private businesses as part of a new investment strategy.

As at March 31 last year, Tainui's corporate arm held assets of $725.4 million according to its 2013 annual report, of which more than 80 percent was in property, including the Huntly and Meremere power stations and its Te Rapa retail centre, The Base.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news