A subsidiary of Toda Corporation’s been granted overseas investment approval to buy 51% of the shares in Auckland-based Coherent Hotel Ltd — which owns Queenstown’s Novotel hotel and Kamana Lakehouse in Fernhill — as well as a freehold interest in about 1.6987 hectares of land comprising Kamana’s land-holding.
That includes the land for the existing Kamana Lakehouse hotel and the balance of the land on which Coherent Hotel Ltd is developing 19 high-end residences and a central building incorporating a wellness centre, meeting/conference area and arestaurant.
According to project manager Richard Hiles-Smith, about a quarter of the civil works have been completed, and the $130m, two-and-a-half year build will commence in the next month or two.
Handling the construction will be a joint venture between Amalgamated Builders and 3Eyes Construction Group.
