Raetihi landmark sale on hold

Ruapehu Bulletin, Volume 10, Issue 462, 17 November 1992, Page 1

Raetihi landmark sale on hold

by David of the RIC Although the old Waimarino Hotel, also known as the Golden Acre, was passed in at the auction held on 7 November, the building still has a future as accommodation in the region, according to John Dobson. None of the three properties offered at the auction reached their reserve at the sale, said Mr Dobson but interested buyers were keen to ne-

gotiate for eventual ownership. "Subject to time, a settlement to buy all the buildings will be reached, which will stimulate the town and take advantage of the large numbers of tourists in the area," he said. Most likely the hotel could be converted for use as a backpackers' and cyclists' hostel, with a small restaurant and rooms of higher quality for other guests included.

Local interests could be invited to take part on a share basis with outside interest and finance, as several Raetihi businesspeople are willing to join in the project. At present, 16 to 12 cyclists per week pass through Raetihi to either ride the Parapara or River Road, or to go canoeing on the Whanganui River. Most of these tourists stay overnight in Ohakune or travel Turn to page 2

Raetihi sale

From page 1 straight to Wanganui depriving local business of custom said Mr Dobson. Also at the moment, hikers travelling through the North Island have to detour from the straightline course out to Ohakune for a cheap place to stay, which is inconvenient and time consuming for them. "Raetihi already has a good lot of summer activities," a spokesperson for the Raetihi Information Centre commented, but we lack the places to put up big groups. "The interested party in the deal, an Auckland investor in backpackers' hostels, is now negotiating with local businessmen to operate the Waimarino Hotel in this way, but the problem is the money involved," said Mr Dobson. "Since the sharemarket crash of 1987, the general feeling of investors is that of

caution and of course those selling also prefer to take care in accepting only cash for a large deal such as this one." "Raising the sums required, the largest being that asked to purchase the structurally sound building to begin with, is therefore very difficult, and will be done by a large number of small investors." "The need, however, is definitely there and the profits are a reality waiting to be taken, not a speculation that relies on things that may not happen. It's merely a matter of hard work and time."