Sunshine Company goes public

Waimarino Bulletin, Volume 6, Issue 241, 3 May 1988, Page 8

Sunshine Company goes public

By James Graham The Sunshine Ski Lodge in Ohakune went on the market as a public company on May 1. The developer, Mr John Woods, says a concept known as fractional ownership is to be used to sell the 50 shares available. Each share in the lodge, formerly known as Ski Hire Lodge, costs $7500. Mr Woods, publisher of the Waimarino Bulletin, says the idea has been used successfully in the past because it provides an alternative time-sharing and other modern forms of holiday accommodation.

"It meets people's emotional need to own, rather than rent, lease or purchase timeshare," he says. The concept is different from time-sharing in that all shareholders will have part-owner-ship of the lodge, rather than just owning the allocated interval of time they could spend there. Room use will be al-

located and management handled by a club to be formed by shareholders. Mr Wood says if the seven-bedroom lodge is used to its capacity of 27 beds, each shareholder will be able to stay for 21 ski season nights a year. But from experience, he doubts if demand will be that high. Mr Woods was a part-

ner in the company that developed and marketed the Breckenridge Ski Lodge, in Miro Park, three years ago. He is confident the price of Sunshine shares will ensure they go quickly. "The equivalent on the market for other lodges is $15,000," he says. The lodge is in Park Avenue, a cul-de-sac in

Miro Park, which according to Mr Woods, now has a very congenial "apres ski" atmosphere. Mr Woods formed a company to take over the partly-built lodge a month ago. The company is spending about $75,000 on further site work, landscaping, extensions, decorating and furnishings.