| Decision | Consent Granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision date | 19 January 2011 |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m, that property being assets held by Tourism Asset Holdings Limited & Accor S.A. |
| Consideration | $184,130,220 |
| Applicant | Host Hotels & Resorts, L.P. United States Public (57.9405%) Vanguard Group, Inc., United States of America (9.5545%) BlackRock Institutional Trust Company, N.A., United States of America (6.2055%) Fidelity Management & Research, United States of America (5.0235%) State Street Global Advisers (US), United States of America (4.531%) APG Asset Management US, Inc., United States of America (4.4325%) Cohen & Steers Capital Management, Inc., United States of America (3.94%) ING Clarion Real Estate Securities LLC, United States of America (3.0535%) Morgan Stanley Investment Management Inc., United States of America (2.8565%) RREEF America LLC, United States of America (2.4625%) |
| Vendor | Tourism Asset Holdings Limited and Accor S.A Board members and founders of Accor SA, France (19.92%) Jagen Pty Limited, Australia (17.5%) Angelese TAHL Investor Trust, Australia (17.5%) United States Public (15.48%) French Public (11.442%) Various overseas persons (9.6%) Guinness Peat Group Nominees Pty Limited, Various (5.0%) United Kingdom Public (3.558%) |
| Background | The Applicant owns and operates numerous luxury hotels in the United States and in other countries. The Applicant will acquire the assets and operations of seven New Zealand hotels, which will become part of the Applicant's global portfolio of hotel assets. Significant refurbishments will be undertaken over the next five years. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | David Chisnall Greenwood Roche Chisnall PO Box 25501 WELLINGTON |