KEY POINTS:
The troubled Oceans Hotel and Apartments at Tutukaka could be sold within the next few weeks, but the receiver of the luxury complex admits it won't go for anything like the $20million-plus it cost to build.
The owner of Oceans, Tutukaka Holdings, went into receivership in early August and the property is on the market as a mortgagee sale with real estate agents Colliers International, in Whangarei.
Russell Churchill, a director of receivers PricewaterhouseCoopers, said several parties were doing due diligence on the hotel complex, but no agreements had been signed.
He hoped there would be "something to report" in relation to a sale in the next few weeks.
"I'm positive we will find a buyer," he said.
But he conceded that any sale price was likely to be substantially less than the more than $20 million it cost to build the complex in 2004 and 2005.
The property is in 26 individual titles, but Mr Churchill said it was likely they would be sold together as one. Until it did sell the doors to the complex would remain locked.
The new owners would be free to develop a new Oceans operation - "they will have a blank canvas to work with".
The property has 28 hotel studios and 15 apartments on 26 titles - with an option to buy all or selected parcels - restaurant and bar, retail unit and conference facilities.
The hotel was closed on July 23, giving staff just a few hours notice.
- NORTHERN ADVOCATE
