Hotel offer withdrawn
PA Auckland A New Zealand syndicate which had earlier expressed an interest in buying the Rarotongan Hotel in the Cook Islands has withdrawn its offer.
One of the principals of the syndicate. Mr Barry Neville-White, said that the high power cost for the hotel was one of the main considerations in withdrawing the offer.
The hotel is valued at about $7.5 million and is owned by the New Zealand and the Cook Islands Governments and Air New Zealand. It will have to be closed if a buyer cannot be found.
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Press, 10 February 1982, Page 7
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93Hotel offer withdrawn Press, 10 February 1982, Page 7
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