Monday 30th April 2018
|Text too small?|
Delaware North, a hospitality company based in Buffalo, has been cleared to take a 20-year sublease on land in Queenstown that's the site of the Pinewood Lodge, an investment that would generate about $27 million in rent.
The applicant has a history of other investments in New Zealand and has proposed to inject capital and resources into developing the productive capacity and services provided by the Pinewood Lodge business operated on the land, the Overseas Investment Office said in a judgment summary released today. The $27 million of rent was based on an annual return adjusted for the 90-day bank bill rate.
Pinewood Lodge, which has beds ranging from luxury to backpackers, is near the Skyline Gondola and targets mountain bikers among its clients. The vendor was Pinewood Village Ltd, owned by Rosslyn and Robert Greig, according to the Companies Office.
Today Delaware said in a statement that it had "entered into a long-term partnership to operate Pinewood Lodge".
"With occupancy rates in Queenstown averaging close to 80 percent in recent years thanks to the multitude of year-round adventure activities, hiking and outdoor sports, Delaware North is confident Pinewood Lodge will continue to go from strength to strength," it said.
The company has a catering contract for Wellington's Westpac Stadium including corporate boxes and premium areas and has a contract with Auckland International Airport to operate eight food outlets at the airport.
No comments yet
NZ dollar eases as US-China trade war, Brexit saga drag on
OceanaGold less confident in regulatory regime
INFINZ says RBNZ bank capital proposals lack analysis and scrutiny
Spark scolded for misleading customers on broadband price hike
Zespri annual profit jumps 77% on higher kiwifruit sales, increased licensing
Freightways says express package growth slowed in 2H, may flow into FY2020
BUDGET 2019: NZ debt target to be more flexible from 2022
Argosy annual profit climbs 36% on revaluation gains, pays slightly bigger dividend
NZ-owned banks says RBNZ capital proposals will make it harder to compete
Sanford earnings hit by vessel impact from crew death