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

 


Millennium spends $14.25 million on final stake in Quantum

Millennium spends $14.25 million on final stake in Quantum

By Suze Metherell

July 10 (BusinessDesk) - Millennium & Copthorne Hotels New Zealand, which operates 22 hotels across the country, will spend $14.25 million in cash to buy the remaining 30 percent stake in its Quantum joint venture that it doesn't own from Te Maori Lodges.

Quantum, which owns and leases seven hotels across the country including Millennium Hotel Queenstown, Rotorua's Copthorne Hotel and the Kingsgate Hotel in Dunedin, is the Auckland-based hotel chain's main subsidiary in New Zealand. The buyout of the remaining the remaining third will end a 21-year relationship with Te Maori Lodges, a subsidiary of the Maori Trustee.

"The Maori Trustee has been a valued business partner with MCK (Millennium) for over twenty years," Millennium said in a statement. "We understand that their interests now lie in fields outside tourism and hospitality and we wish them well in their future business endeavours."

The Maori Trustee leads Te Tumu Paeroa, an independent organisation established from government legislation which administers 100,000 hectares of Māori owned land on behalf of nearly 100,000 owners, according to its website.

The purchase is conditional on Overseas Investment Office approval.

Millennium's shares were unchanged at 68 cents, and have dropped 4.2 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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