June 04, 2014
Tainui takes full ownership of hotels
Tainui Group Holdings has taken full ownership of its two Hamilton hotels.
The commercial arm of Waikato-Tainui has bought international hotel chain Accor's 17 percent stake in Hamilton Riverview Hotel, which owns the Novotel Tainui Hotel and Ibis Tainui Hotel for an undisclosed price.
That follows a deal last October when it bought Hamilton City Council’s 41.4 percent stake for $12 million.
Chief executive Mike Pohio says it’s business as usual at the hotels and Accor's management contract had been extended by 25 years.
Accor remains a shareholder with Tainui in the Auckland Airport Novotel.
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