Sharechat Logo

Millennium spends $14.25 million on final stake in Quantum

Thursday 10th July 2014

Text too small?

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.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report