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BOLD EXPANSION PLANS FOR QUEENSTOWN HOTEL

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October, 2018

The Rees Hotel, Queenstown, is to be the centrepiece of a strategy to
develop a chain of boutique hotels showcasing an authentic New
Zealand experience.
From the 12th of October 2018 The Rees Management Ltd (TRML), the
manager of The Rees Hotel Queenstown, New Zealand, will be sold to
interests associated with Pioneer Capital and current TRML board
members Mark Rose and Bruce Davidson.
Pioneer was attracted to the successful leadership, established culture
and management of The Rees Hotel Queenstown and will leverage these
assets as the key ingredients in their development strategy.
Pioneer Capital is a New Zealand investment firm focused on investing
in high value, export-led businesses. The management sale and
development plan will enable growth and future security of supply of
guest numbers for The Rees Hotel, carefully targeted at the high-end
international tourism market. TRML will continue to be the manager of
The Rees Hotel and the entire management team and all staff will be
retained. Mark Rose will continue as the chief executive and the board
of directors will comprise Bruce Davidson (chairman), Mike Pohio,
(independent director), Randal Barrett and Shayne Shepherd (pioneer)
and Mark Rose.

Were excited to implement this strategic move which has been in the
planning for some time, says Mr Rose. We aim to become a boutique
New Zealand hotel company with around five hotels on the tourist
route, each reflecting their unique place, with the same culture and
high touch service that we are proud to offer at The Rees Hotel
Queenstown.

Mark and his team have built an exceptional tourism offering in The
Rees, and we are delighted to be partnering with them as they expand
the product to address increasing inbound demand, says Mr Barrett.
The Rees Hotel Queenstown opened in 2009 and features 60 hotel
rooms, 90 apartments and five Lakeside Residences. Its located on the
shores of Lake Wakatipu and has spectacular views over the lake to the
Remarkables mountain range. An independent, stylish, luxury property,
The Rees has consistently been internationally recognised and awarded
for excellence, including receiving New Zealand tourisms top Qualmark
5 Star Hotel and Gold Business Tourism Sustainability Award this year
and Best NZ Hotel for two years running (2017/18) in the Australasian
Hotel Management Awards of Excellence.
The management share sale and resulting development plan will provide
an exciting opportunity for all parties and will provide benefits for
apartment owners, management and staff and provide certainty of
ownership and supply of capital.