Receivers have been called into troubled property developer Nigel McKenna’s company responsible for paying returns to Westin hotel investors.
The developer lost control of Lighter Quay Hotel Management, formerly Melview Lighter Quay Hotel Management earlier this week.
KordaMentha receiver Michael Stiassny was appointed to the company after creditors voted on Sunday against a repayment proposal Mr McKenna had put forward.
NBR first broke the news Westin investors hadn’t been paid returns by Mr McKenna’s company in May last year, and the problem has escalated since.
Mr Stiassny said the receivership would not affect the running of the hotel, operated by international company Westin which has no involvement in Lighter Quay Hotel Management.
Mr McKenna’s Melview Group built the 172-room, $130 million hotel at Auckland’s Viaduct Harbour. It opened in June 2007.
Receivers took over his $1 billion Kawarau Falls project at Queenstown in May last year.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Week in Review: a wrap of NBR Radio's top stories, interviews and analysis
- Matthew Hooton: Little leaves centre wide open for Peters and Greens
- ASB's Kim Mundy and Realestate.co.nz's Vanessa Taylor on the latest housing statistics
- Rob Hosking: Winston’s hour is coming
- Hunter's Corner: High stakes for both sides of Warminger case