KEY POINTS:
National Business Review publisher Barry Colman has sold a historic Otago hotel for more than $1.2 million.
Mr Colman confirmed yesterday that a sale agreement for Careys Bay Hotel near Port Chalmers had been reached with a Dunedin family.
He and his late wife, Cushla Martini, bought the 1876 hotel in 2001 and spent $1.6 million renovating the bluestone building.
Ms Martini, 55, died of breast cancer in September 2005 and in mid-2006 Prime Minister Helen Clark unveiled a plaque in her memory for her work on the restoration and to mark the official opening of the hotel's courtyard restaurant, Cushlas.
"I'm a very reluctant seller. This is the end of a chapter for me because the Careys Bay Hotel and community become such an important part of our lives. Cushla loved the place and she was passionate about preserving our heritage buildings and our colonial history," Mr Colman said.
A collection of Ralph Hotere works - including the auction record $230,000 Vive Aramoana - were not included in the sale but would stay on indefinite display.
Semi-retired Dunedin builder John Kidston said yesterday his daughter Joanna and son-in-law Rikki Lind, hotel chef for the past 18 months, would manage the hotel when the family took possession next month. There were no plans for any immediate changes, other than opening up three restored rooms in the second storey for accommodation, Mr Kidston said.
Mr Colman said the hotel had performed well commercially but needed "hands-on management to reach its potential".
