Boost for Chch hotel projects in grants scheme
Christchurch will benefit from a decision by the Government to extend a grants scheme to cover big hotel projects in the city. The Minister of Finance, Mr Douglas, announced in the Budget that a 9.5 per cent grants scheme would be extended to hasten the construction of additional tourist accommodation of international standard. The scheme has until now applied only to big hotel projects in Auckland. Developments of 200 or more rooms in Wellington and Christchurch, and of 150 or more rooms in Queenstown, will now qualify for the grant, said Mr Douglas. It is in lieu of the first-
year depreciation allowance of 22 per cent, and will be paid in the first year of operation.
The Mayor of Christchurch, Sir Hamish Hay, said last evening that he was extremely pleased at the announcement. It would have considerable significance for the Southern Pacific Hotel Corporation which planned to develop a $35 million 300-room hotel in Victoria Square next to the
Town Hall. Sir Hamish said the developers hoped to receive the same treatment in Christchurch as has been available in Auckland.
The City Council saw the grants scheme as a big incentive, and had made representations to the Government on the matter. Further details of the scheme are expected to be announced by the Minister of Tourism, Mr Moore.
BUDGET
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Press, 9 November 1984, Page 6
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229Boost for Chch hotel projects in grants scheme Press, 9 November 1984, Page 6
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