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
New dwellings consents dropped in April. That didn’t surprise anyone but economists were surprised that the drop wasn’t bigger.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.