The sole owner of Heritage Hotel Queenstown, Singapore Public, has spent $650,000 on acquiring 0.85 hectares of land at 96 Fernhill Rd, Queenstown.
The land acquired is the site of the hotel's 36 four-star villa properties.
Previously, the land was leased to Heritage Hotel Management Ltd by Little Rock Management Company Ltd.
Heritage Hotel lawyer Greg Allen said the company already had management rights to the land and decided to purchase the leasehold interest because Little Rock Management chose to sell.
Consent for the investment to acquire the leasehold interest was granted by the Overseas Investment Office and reported in their September decision summary released yesterday.
Previous ownership of the land was split in equal parts between Paul Wayne Burton and family and William Guthrie Nielsen and family, both of New Zealand.
The Overseas Investment Office reported the overseas investment transaction had satisfied the "benefit to New Zealand" criterion with particular reference to three factors: The creation and retention of jobs, the added market competition and productivity, and the additional investment for development purposes.
Heritage Hotel Management Ltd is part of the Dynasty Hotel Group, which operates hotels in the four-star market across New Zealand.
