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Home / Business

Air NZ sells South Island skifields for $27m

9 May, 2002 01:24 AM2 mins to read

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Air New Zealand said today it had sold its three South Island ski fields for $27 million.

The cash-strapped airline has been jettisoning non-core assets.

It said it had completed the sale of Coronet Peak, The Remarkables and Mt Hutt -- collectively known as nzski.com -- to a New Zealand-owned company, Southern
Alpine Resort Recreation.

Air New Zealand chief executive Ralph Norris said the airline would continue to support the ski operations as a key part of the South Island Tourism industry. It had entered a long-term marketing agreement with SARR.

"The acquisition of nzski.com by Southern Alpine Resort Recreation not only ensures future growth and development of these unique ski fields, but also signals a strong ongoing relationship between the airline and the new operators."

SARR is a joint venture company of:

- Australasian Alpine Ltd, formed by the senior management team of nzski.com in partnership with Graham Smolenski, developer of Millbrook Resort;

- Tourism Milford Ltd, owners and operators of the Milford Track Guided Walk and The Hermitage Hotel at Mt Cook;

- Trojan Holdings, a Queenstown enterprise that runs Routeburn Guided Walk Ltd) and has transport interests and develops property.

Coronet Peak and The Remarkables are near Queenstown and Mt Hutt is near Christchurch.

Air New Zealand has also sold its Australian-based Jetset Retail travel agency business (in March) and its Jetset Business Travel operations.

Air New Zealand shares were steady on 53 cents today.

- NZPA

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