Property magnate pumps $10m into buying Queenstown hotel
Sunday 6 June 2004
Prominent Christchurch businessman Philip Carter has injected more than $10 million into a joint venture to buy the Parkroyal Queenstown for more than $20m.
By The LandlordCarter said yesterday his company the Carter Group and 50-50 joint venture partner InterContinental Hotels Group (IHG) would shell out a further $6m to revamp the iconic 1970s Queenstown property.
Details of that refurbishment were still being confirmed but Carter said the terms of the deal included rebranding it to fit under the Holiday Inn umbrella.
The joint venture was put together over recent months and will make the Carter Group IHG's biggest partner in New Zealand. It will rename the Centra Christchurch the Holiday Inn Centre Christchurch before the end of the year.
IHG said the Holiday Inn brand had performed well in Australia and New Zealand and said the Queenstown deal was "crucial" in expanding its presence, particularly in light of the growing number of tourists travelling to the town.
Read More - Opens in a new window
Commenting is closed
There’s been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.