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Augusta Capital has given investors an update on its propopsed tourism fund, which now has two assets valued collectively at $30.5m ‘warehoused’ in the vehicle.
The deal marks the first tourism investment for iwi investors Tauhara North No 2 Trust.
The proposed five-star Queenstown hotel will be transfered to the investor’s planned tourism fund.
The agency is hunting for new ideas and investors to help develop tourism product across Auckland.
The operator is building five new thermal pools and a 13.5m high aquatic ride.
New high-speed chairlifts and trails, a chondola and summer operations are part of a $35m upgrade programme at The Remarkables and Coronet Peak ski fields, announced by owner NZSki today.
The private equity cash will fund the Queenstown hotel’s expansion into a “uniquely NZ” boutique, high-end chain.
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NZ Trade & Enterprise and TNZ are developing the Tourism Attractions Project.