Applicant
Christchurch Hotels Limited
Case number(s)
200820016
Decision date
Type
Decision
Decision number200820016
Application number200810101
Date30 July 2008
Offeror/applicantChristchurch Hotels Limited
Ultimate applicant beneficial ownership48.6574 percent - New Zealand, New Zealand Public
26.1314 percent - New Zealand, New Zealand Public and Various Entities
18.478 percent - Australia, Australian Public
3.1945 percent - United Kingdom, InterContinental Hotels Group PLC
2.8711 percent - New Zealand, Crimp (Louis)
0.2956 percent - Various, Various overseas persons
0.2926 percent - United States of America, United States Public
0.0795 percent - United Kingdom, United Kingdom Public
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current48.1222 percent
- Share proposed23.85351 percent
Offeree(s)/seller(s)SPHC (NZ) Holdings Limited
100 percent - United Kingdom, InterContinental Hotels Group PLC
Business activitiesCultural & Recreational Services - Amusement/Entertainment
Details of land involvedNone
Regions involvedCanterbury
Total consideration$28,172,000
Consent soughtTo acquire up to 100 percent of the shares of Premier Hotels Christchurch Limited.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each of the individuals with control of the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

Background to the Investment:
Christchurch Hotels already owns 68.75% of the shares in Premier.

Premier holds a 30.67% interest in Christchurch Casinos Limited, which operates the Christchurch Casino whose assets are worth more than $100 million.

Outline of the Investment:
Christchurch Hotels now wishes to acquire the other 31.25% of Premier that it does not already own, thereby increasing its total holding in Premier to 100% of the company.

Rationale for the Investment:
Obtaining consent will enable Christchurch Hotels to consolidate its ownership of Premier.

ContactMark Freeman
Bell Gully
P O Box 1291
WELLINGTON