| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 17 March 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in the remaining 75.0% of the shares of Rydges Rotorua Hotel Limited which owns or controls a leasehold interest in 0.8216 hectares of land at 272 Fenton Street, Rotorua. |
| Consideration | CONFIDENTIAL |
| Applicant | Amalgamated Holdings Limited Australian Public (99.796%) Various overseas persons (0.204%) |
| Vendor | Graeme James Dennett and Jamie Marion Main as trustees of the Main Family Trust Jamie Marion Main, New Zealand (50.0%) Graeme James Dennett, New Zealand (50.0%) |
| Background | The Applicant is one of Australia's premier entertainment, hospitality, tourism and leisure companies. The Applicant owns, leases or manages over 40 hotels in Australia, New Zealand and the United Kingdom. The Applicant indirectly owns (through its wholly owned subsidiary Noah Hotels (N.Z) Limited) 25% of Rydges Rotorua Hotel Limited (Rydges)). Rydges is the owner of the Rydges Rotorua Hotel (Hotel). The Applicant, who manages the Hotel, wishes to acquire the balance of shares in Rydges to align the ownership of the Hotel with the management. 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 Overseas Investment Regulations 2005 |
| More information | Andrew Matthews Simpson Grierson (Auckland) Private Bag 92518 Wellesley Street AUCKLAND |