Applicant
Worldmark by Wyndham (NZ) Limited
Case number(s)
200821642
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date24 April 2009
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.3663 hectares of land at 109 Mount Aspiring Road, Wanaka.
ConsiderationCONFIDENTIAL
ApplicantWorldmark by Wyndham (NZ) Limited
United States of America (99.0%)
Various (1.0%)
VendorWanaka Resorts Limited
New Zealand (100.0%)
Background

The Applicant's sole shareholder is Wyndham Vacation Resorts South Pacific Limited, which is the trustee and manager of Worldmark South Pacific Club (Worldmark). Worldmark is a managed timeshare investment scheme.

The Applicant wishes to acquire the sensitive land and redevelop the Mount Aspiring Hotel, which has 38 units. The total tourist accommodation available to Worldmark holiday credit holders in the Wanaka area will then be around 69 - 70 units.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(b) – Key person in a key industry
28(c) – Affect image, trade or international relations
28(e) – Previous investments
28(f) – Advance significant government policy or strategy
28(g) – Enhance the viability of other investments

More informationElliot Goldman
Macalister Todd Phillips
PO Box 653
QUEENSTOWN