October 18, 2013
Tainui ups stake in hotel
Tanui has bought the Hamilton City Council’s 41 percent stake in two city hotels for $12 million.
The deal means the tribe now owns 82 percent of the Novotel Tainui and Ibis Hotel Tainui, with hotel operator holding the balance of the shares in Hamilton Riverview Hotel Ltd.
Tainui Group Holdings chief executive Mike Pohio says Tainui had first option to buy the council's stake.
He says the operation of the hotels would not change.
The council along with the iwi was a founding shareholder of the company, investing $6 million in 1997, when work started on the Novotel Tainui.
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