Hotel property company liquidated, owes $30m

The Regal Palms trades as normal while its landlord is in liquidation.

Wed, 26 May 2021

An out-of-pocket subcontractor has tipped the landlord of a Rotorua hotel into liquidation, with a first report revealing $30 million is owed. HY Tourism - which owns the land and property for the Regal Palms - was pushed into liquidation after a court fight with contractor Three Dukes Homes. The 70-room hotel continues to operate as normal.According to a first liquidators’ report, HY Tourism owes $10m to the ASB and ANZ which are secured creditors, and $22.8m to parties listed as trade creditors.However, liquidator Rachel Mason-Tho...

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