Receivers are continuing to work their way through the sale process for three high-profile hospitality businesses in Wanaka, with the hope transactions can be concluded next month.
Gordon Hansen, of PKF Goldsmith Fox in Christchurch, is the receiver of Grand Mercure Oakridge Resort and is now negotiating with one conditional purchaser for the hotel with the hope of being able to confirm a contract next Friday.
Last week he had several offers on the table.
"I am in discussion with the leading contender. That's not to rule out that if that party can't conclude the deal we won't be talking to the others," Mr Hansen said, when contacted, yesterday.
Mr Hansen said he was dealing with an experienced operator that was involved with other South Island hotels but as far as he was aware, did not have a presence in the Queenstown Lakes district.
Any discussion about the price would be "second-guessing", he said.
The leading contender was interested in only purchasing Oakridge's core facility.
A house on an adjacent 1ha section, and a separate 2.5ha block of development land were still for sale.
The Oakridge Resort group of companies has debts of about $10 million to South Canterbury Finance and has been in receivership since September.
In a statement yesterday, Ron Inglis, speaking for a committee representing 90% of the individual apartment owners said owners believed finalising the sale was unlikely because of many complex issues surrounding future ownership of the resort's core facilities, revenue from them and associated returns to owners.
A fire sale to the highest bidder might help South Canterbury Finance recover as much of its funds as possible, but was not necessarily the best outcome for owners.
They were determined to secure a lease ensuring their investments increased in value long term.
Members were keen to pursue all potential future ownership options.
At this stage, they had only been presented with one offer made to Mr Hansen and were working through the various lease options.
Andrew Grenfell, of McGrath Nicol Partners in Auckland, is the receiver of CEA Trading Ltd and three other related companies.
Wanaka's Shooter's Bar and Speight's Bar are among the CEA group's portfolio of 22 hospitality businesses around New Zealand.
Colliers has been instructed to market the two Wanaka businesses, which have been continuing to trade in leased premises on Ardmore St since the receivers were appointed in April.
Mr Grenfell would not confirm whether sales were imminent but said he hoped something would be concluded by December 25.
CEA Trading Ltd has debts of about $55.3 million to the Commonwealth Bank of Australia and about $48.8 million to shareholders.
After intercompany loans are taken into consideration, it has total liabilities of $56.1 million.
Mr Grenfell's second receivership report should be posted on the Companies Office website by January 5.
