Developers to sign agreement tomorrow?
The developers of the proposed $6O million Park Royal Hotel in Christchurch still plan to sign the shareholders’ agreement tomorrow. It will be the last day of Southern Pacific’s exclusive option to develop the central-city site next to the Christchurch Town Hall. The project Is eight months behind schedule, but the chief executive of Southern Pacific Hotel Corporation, Mr Tony Young, said in Auckland last evening that negotiations would continue if the Friday deadline was not met ‘ . ■ ? ,:
Mr Young said he could not confirm if signing would take place tomorrow, but Japanese investors should arrive in Auckland this evening to complete negotiations. The shareholding would remain at 65 per cent to the Japanese company, Dalkyo Kanco, 15 per cent to Southern Pacific, and 10 per cent each to Rothmans Industries and Aetna Life Insurance.
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Press, 27 February 1986, Page 4
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139Developers to sign agreement tomorrow? Press, 27 February 1986, Page 4
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