Trust buys operating rights

Press, 6 September 1989, Page 42

Trust buys operating rights

PA Hamilton Hamilton-based Chartwell Foundation has bought the rights to operate leading Rotorua tourist attraction Rainbow Springs. The charitable trust, which says it is involved in promoting the arts and conservation, bought the rights off listed tourist company, Stars Corp, for an undisclosed price. Chartwell Foundation spokesman, Mr Rob Gardiner, declined to discuss the deal,

other than to say there would be no changes to the way Rainbow Springs was run. He also declined to say why the trust — which has owned the tourist park’s land and buildings since 1973 — had bought the rights to operate it and what other ventures the trust was involved in.

The Stars Corporation executive chairman, John Tapper, said his company had sold Rainbow Springs as

part of the company’s restructuring after reporting a $9.7 million loss last year. It had lost money on the sale, but believed Rainbow Spring was an excellent operation with a lot of potential for further development. An estimated 80 per cent of overseas tourists who visited Rotorua went to Rainbow Springs, Mr Tapper said, but he would not say how many people visited the park a year.