Scenic C. $15.5M hotel sale
Scenic Circle Corporation, the Dunedin-based hotel company, has sold the 182-room Lakeland Regency hotel in Queenstown for $15.5 million. The company, which reported a loss of $3,855,000, for the year ended October 31, 1987, has owned the hotel for only 17 months. The sale was to the Australian-based Rydges Hotel Group, a company which also owns Noahs Hotel in Christchurch. Rydges is likely to make further acquisitions in the near future, and is looking for further tourism investments in Auckland and Wellington, said the company’s chief executive, Mr David Seargeant, yesterday. “While many in the tourist industry are forecasting stagnant growth, I believe it is essential to take a longer term view of its potential,” Mr Seargeant said. “With a lower New Zealand dollar and the closure of Expo in Brisbane, we will see some growth returning to the New Zealand tourist market within the next 12 to 18 months.” Rydges operates 12 hotels in Australasia, with more than 1400 rooms. It has developments underway to add a further 1000 rooms, and plans to be operating 35 hotels by 1990.
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Press, 11 August 1988, Page 28
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185Scenic C. $15.5M hotel sale Press, 11 August 1988, Page 28
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