Island offer to buy hotel
PA Wellington, The Cook Islands Government is sending a Cabinet Minister to Wellington this week in an effort to keep the Rarotongan Hotel open. It is reported that the Cook Islands Minister of Economic Development (Mr Vincent Ingram) will make an offer to New Zealand to buy the hotel. He said from Rarotonga that it was too important to the islands’ economy to allow the hotel to be closed. The hotel is due to close at. the end of next month. Mr Ingram said that six overseas companies had shown interest in the hotel. Among the companies said to be interested are the two Australian domestic airlines. Ansett and T.A.A.
Mr Ingram said that if his Government decided to buy the hotel it was hoped that the New Zealand Government would grant the same attractive loan finance it was understood to have offered an Auckland-based business syndicate which had earlier expressed interest. “My Government is determined the hotel will not close,” Mr Ingram said. “There will be a buyer,” / The New Zealand Government, Air New Zealand, and the Cook Islands Government each hold a third stake in the hotel. The present manager on behalf, of the two New Zealand shareholders, the Tourist Hotel Corporation, intends to withdraw from the hotel on March 31.
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Press, 15 February 1982, Page 2
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218Island offer to buy hotel Press, 15 February 1982, Page 2
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