Air NZ completes $27M skifield deal

By Phil Boeyen, ShareChat Business News Editor

Thursday 9th May 2002

Air New Zealand (NZSE: AIR) has sold its three South Island ski areas for $27 million.

The airline says Coronet Peak, The Remarkables and Mt Hutt, which are collectively known as nzski.com, have been sold to a New Zealand owned company, Southern Alpine Resort Recreation.

Air NZ boss, Ralph Norris, says the airline will continue to support the ski operations as a key part of the South Island Tourism industry.

"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.

"Air New Zealand has entered into a long-term marketing agreement with Southern Alpine Resort Recreation, which reflects our continued strong commitment to tourism in the region."

Southern Alpine Resort Recreation is a joint venture company between three South Island tourism operators, including Tourism Milford, which owns and operates the Milford Track Guided Walk and The Hermitage Hotel at Mt Cook.

The other partners are Queenstown-based Trojan Holdings and Australasian Alpine, a company formed by the senior management team of nzski.com in partnership with Graham Smolenski, founding shareholder, director and developer of Millbrook Resort.

Air NZ says the sale of the ski fields is part of an ongoing programme to focus on its core business of air transport.

Other recent business sales include Australian-based Jetset retail travel agency and its Jetset business travel operations.

Comments from our readers

No comments yet