Latest news with #KevinCarlin
Otago Daily Times
5 days ago
- Business
- Otago Daily Times
Luxury suite stakes on offer
Queenstown hotel The Carlin. PHOTO: SUPPLIED The owner of luxury Queenstown hotel The Carlin is offering shares of the building's former suites under a co-ownership model it claims is a New Zealand first. The Hallenstein St property, which opened in early 2022 after a $30 million build by the late Kevin Carlin, is being repackaged by its Australian owner, Pablo Pty Ltd, as The Carlin Residence Club. Buyers can own a 10% stake in any one of the building's six two-bedroom suites, one "penthouse residence" and one three-bed "presidential residence". They will be sold on strata titles under a common ownership agreement. Following Mr Carlin's death in late 2023, the hotel's management company and another company that owned six of the nine units were placed in receivership, with a combined debt of about $45m. Pablo, which owned the other three units, bought the building outright in a receivership sale last year. The repurposing is being led by New Zealand developer The Duchamp Collective and global firm Elite Alliance. The co-ownership model allows buyers to own a portion of a vacation property.
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.
