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Porter Heights On The Block
By J.D. O'Connor
September 04, 2006
Compiled from staff and press reports
Porter Heights, one of New Zealand's oldest commercial ski areas, is up for sale with its shareholders making pointed statements about the need for an updated snowmaking system despite the area having one of the strongest seasons in recent memory.
The area's North Island owners initially looked at drawing in new investors and capital, but then decided to sell out completely, director David Mazey said.
Insiders said the skifield, on Department of Conservation land, could be sold above its 1999 purchase price of around $1 million, but that it was hard to put a current valuation on the assets.
Mazey, who has worked as Ruapehu Alpine Lifts general manager for 20 years, said the Porter Heights ski area needed development capital. "The options for us were to seek additional investors and we would have stayed in - that was the track we'd started to go down... but an offer was placed on the table from a party that had become aware we were starting down that particular track."
Interested New Zealand buyers were acting on behalf of "nominee companies," with the agreement due to become unconditional in mid-October.
Porter Heights, which is about one hour's drive from Christchurch airport and near Lake Lyndon on the way to Arthurs Pass, has three T-bars, a platter lift and a beginners' rope tow.
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