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Otago Daily Times
02-05-2025
- Business
- Otago Daily Times
Distribution to hotel creditors considered ‘unlikely'
Millions of dollars are owed to creditors on the boutique Carlin Hotel, which is in receivership. PHOTO: SUPPLIED Liquidators appointed to a luxury Queenstown hotel consider a distribution to creditors is "unlikely". In their first report into Ex TCHL, previously The Carlin Hotel Ltd, and Ex CHPML, previously Carlin Hotel Property Management Ltd, PricewaterhouseCoopers NZ's Judith Shields and Malcolm Hollis said they were finalising their review of the bank statements of the companies. "Should we identify any avenues for recovery, we will advise on this in our next report." The late Kevin Carlin developed The Carlin, comprising nine units and six carparks, along with a restaurant,costing about $30 million, on Hallenstein St. Opening in March, 2022, six units and four carparks were owned by a related company, Queenstown Views Villas (QVV). The rest were owned by secured creditor Pablo Pty Ltd. Mr Carlin died suddenly, of natural causes, in December, 2023 — about two months later, Pablo placed Ex CHPML and QVV into receivership. At the time, the companies' combined debt was about $45 million, $40m of which was owed to Pablo. Last July, Ex TCHL — which held the intellectual property for the hotel — was placed in receivership by Pablo, which was owed about $12.5m. Ex CHPML and Ex TCHL were placed into liquidation last September. The liquidators report, for the six months to March 23, said receivers continued the operation of the hotel, pending the initiation of a sales process — Pablo purchased The Carlin last October. By November the debt had dropped to $29.5m. But because the receivers had been trading the hotel, there were no accounts receivable for the liquidators to collect, their report said. Because there were no realisations in the liquidation of Ex TCHL, no fees had been taken. Regarding Ex CHMPL, at March 23 cash at bank totalled $9500. Expenses over the reporting period totalled were $12,057; liquidators remuneration and expenses totalled $10,500 and the balance was attributed to GST on payments. Receipts totalled $21,575, $20,000 of that was shareholder funding, and $1575 from "GST clearing account". Last month, Mountain Scene reported receivers appointed to Ex TCHL are establishing the "security position" of a vehicle, understood to be a baby blue 2014 Bentley Mulsanne, which may be subject to a finance lease.
Otago Daily Times
27-04-2025
- Business
- Otago Daily Times
Baby blue Bentley sought by The Carlin's liquidators
Receivers appointed to one of the companies associated with late Queenstown developer Kevin Carlin have turned their attention to a luxury vehicle. According to BDO's Diana Matchett and Colin Gower's latest report for The Carlin Hotel Ltd (now Ex TCHL), they are working to establish the "security position" of a vehicle, understood to be a baby blue 2014 Bentley Mulsanne, "which may be subject to a finance lease". "The outcome of this review will determine the receivers' ability to realise the motor vehicle and, where appropriate, distribute the proceeds." Mr Carlin, who died suddenly of natural causes in December, 2023, developed The Carlin, a seven-level hotel at a cost of about $30 million. It opened in March 2022. About two months after his death, Pablo Pty Ltd placed the company operating the hotel, Carlin Hotel Property Management (now Ex CHPML) into receivership, along with Queenstown Views Villas (QVVL). It owned six of the hotel's nine units, subject to a management agreement with Ex CHPML. The remaining three units were owned by Pablo, a secured creditor, which also held security over the land, buildings and business for the companies. At the time of the receivership, the companies' combined debt was about $45m, $40m of which was owed to Pablo. Ex CHPML was then placed into liquidation last September. Then, last July, Ex TCHL was also placed in receivership by Pablo — that company held the intellectual property (IP) for the hotel, including registered trademarks and brands. At the time of the receivership, it owed Pablo $12.5m. According to the second receivers' report into that company, the IP assets had been sold to Pablo for $3500, which was offset against Ex TCHL's indebtedness — an outstanding balance of $1.35m, plus accrued interests and costs remaining. Pablo ultimately bought The Carlin, which was subject to a receivership sale, handled by Colliers Queenstown's Mark Simpson and Barry Robertson. Settlement was completed on October 14 — by November, the combined debt had dropped to $29.5m.
