Buyer interest in Hanmer Lodge

Press, 18 November 1981, Page 2

Buyer interest in Hanmer Lodge

Financial Enterprises, of Wellington, is “definitely, interested” in buying The Lodge Hotel at Hanmer Springs. ”■ ! However, the. deal still ' hinges on finalising a price- < for the hotel and being able 1 ? to gain finance to improve it. The managing director of ■: Financial Enterprises, Mr ' M. J.'-Jbnsen, said yesterday that the company would not leap into an investment of such size where major improved ment was necessary without “being ready to go.” The deal hinged on funds being available f from a special commission, which had been set up to put money into hotels and the economics of the improvements, said Mr Jensen. Discussions had been held between the firm and the commission, he said. His board had authorised, him to processed with negotiations, but . final approval from it would be necessary before settlement. This included the purchase price which was still in the “ball park area,” he said: It was not a big'deal for the company, which was much involved in the hotel industry. The board was an independent one - and the company had the physical capacity and knowledge to run the hotel efficiently. The Lodge is owned by Lodge Investments, Ltd, of which Mr John Arrowsmith and Mrs Arrowsmith, of Auckland, are the sole shareholders.