Queenstown hotel deal lifts Timaru investors
A deal to resuscitate the ailing Coronet Peak Hotel, near Queenstown, could spell good news for Timaru investors owed $4.8 million.
Auckland developer Tim Manning’s Norwich Properties this week brought in Swiss-Belhotel as manager of the rebranded hotel.
The hotel’s previous owner, Coronet Alpine, was placed in liquidation in April 2012 and Norwich bought it last October from 232 investors in a contributory mortgage arrangement run by Timaru law firm RSM Law.
The hotel’s second mortgage was with Seadown Holdings, a company owned by former RSM partner Edward Oral Sullivan, who faces Serious Fraud Office charges relating to his former directorship of collapsed finance company South Canterbury Finance.
In tomorrow’s National Business Review print edition, Swiss-Belhotel’s Taranaki-born chairman and owner Gavin Faull discusses his plans for the hotel and his own rags-to-riches story.