A group of Timaru business people have finalised the purchase of Auckland's Hyatt Regency hotel.
Thursday, May 19th 2005, 6:43AM
by The Landlord
The hotel is said to have cost the group, trading as Regency Auckland Ltd, $48 million.
Group chairman Edward Sullivan said the hotel had been bought from the Hudson group and the assets included the hotel, spa, restaurant and some of the Hyatt residences.
The group is also reported to have bought the Hyatt's adjacent carpark for $9 million.
Mr Sullivan said Regency Auckland would complete the refurbishment of the hotel rooms over the next two years and was looking positively at the use of the restaurant space although the best use was still to be determined.
"The Hyatt is a major hotel in the Auckland scene.
"It is an essential operation in the context of having top class accommodation available to the travelling public and tourists from overseas.
