Sharechat Logo

Tainui buys out partner in Hamilton Riverview Hotel

Wednesday 4th June 2014

Text too small?

Tainui Group Holdings, which manages the commercial interests of Waikato-Tainui Te Kauhanganui Inc, has bought international hotel chain Accor's 17 percent stake in Hamilton Riverview Hotel, making it the outright owner of two of Hamilton's central hotels.

Accor sold its stake in Hamilton Riverview Hotel, which owns Hamilton's Novotel Tainui Hotel and Ibis Tainui Hotel, to the iwi's corporate unit for an undisclosed amount.

Last October, the tribe's investment arm paid the Hamilton City Council $12 million last year for it 41.4 percent stake, doubling its stake to 82.8 percent. At that valuation it implies the 17 percent stake was worth about $5 million.

Tainui chief executive Mike Pohio said it would be "business as usual" at the hotels and Accor's management contract had been extended by 25 years.

Earlier this year Tainui partnered with fellow iwi corporate unit Ngai Tahu Capital and private investor Pioneer Capital to buy dairy technology manufacturer Waikato Milking Systems for an undisclosed sum. Last year Tainui said it would be taking direct stakes in medium to large private businesses as part of a new investment strategy.

As at March 31 last year, Tainui's corporate arm held assets of $725.4 million according to its 2013 annual report, of which more than 80 percent was in property, including the Huntly and Meremere power stations and its Te Rapa retail centre, The Base.

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:

AIA June 2020 Monthly Traffic Update and July 2020 Preview
PCT - Delivering on strategy underpins strong operating result
KFL - August 2020 monthly update
BRM - August 2020 monthly update
MLN - August 2020 monthly update
Further COVID-19 Restrictions at SkyCity’s New Zealand Properties
FY20 results guidance met, Results date, Banking Facility
Sky sells OSB assets to NEP NZ, secures 10 year partnership
NZX fully operational - announcement re COVID-19
Heartland Market Update

IRG See IRG research reports