Anne Gibson

Anne Gibson is the Property editor of the NZ Herald

NZ firm buys Aussie hotel

On February 14 the Australian Financial Review previewed the deal, saying Philip Carter had emerged as a contender for the hotel. Photo / Pam Johnson
On February 14 the Australian Financial Review previewed the deal, saying Philip Carter had emerged as a contender for the hotel. Photo / Pam Johnson

A business associated with Christchurch's richest man, Philip Carter, has bought a 202-room Melbourne hotel.

Carter is a director of Priscilla David, a New Zealand-registeredcompany which bought the Holiday Inn Melbourne on Flinders, according to Singapore-listed global business Lasseters International Holdings.

On February 14 the Australian Financial Review previewed the deal, saying Carter had emerged as a contender for the hotel.

The property is being sold by Lasseters, which also this year sold out of its Queenstown Casino to SkyCity Entertainment Group.

The Melbourne property, a four-star hotel on a 1729sq m site, was worth about A$50 million ($59.5 million), "though a deal is yet to be finalised," the Review said.

Lasseters said a 99.9 per cent-owned subsidiary of the group, Cypress Lakes Property, struck a conditional sale agreement with Priscilla David for the disposal of the property, assets and business of Holiday Inn Melbourne on Flinders at 561-585 Flinders Lane.

Carter, of Carter Group, is on the NBR Rich List at $95 million, as a significant property investor who spends much of his time in Europe or North America but retains a Queenstown holiday home.

Last year he emerged as a major Heartland investor after buying an $8 million stake from Pyne Gould's Torchlight Investment Group.

Kiwi-owned inn

*Renovated in 2009
*8 floors
*202 guest rooms
*144 single-bed rooms
*40 double-bed rooms
*200 non-smoking rooms

Source: Holiday Inn Melbourne on Flinders

- NZ Herald

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