Three would-be buyers are still in the running to buy a 26-room hotel in St Clair, Dunedin.
The Hotel St Clair, on the Esplanade, was put on the market in mid-June by Otago family-owned construction and property company Calder Stewart, which took 100% ownership in March 2009 from a joint venture partner.
Colliers International tourism broker Barry Robertson, when contacted yesterday, said three parties ''were still in negotiations'' over the hotel, including a new ''latecomer'' to negotiations.
He said due diligence was still under way on the business and he expected it would be ''several weeks at least'' before any decision was made.
The hotel has a rateable value of $6.85 million.
An adjacent property, also owned by Calder Stewart and which could be built on, is valued at $765,000. Final construction costs of the hotel, which was opened in December 2009, were understood to be $10 million.
The tender deadline of late July had been extended. Eleven parties had signed confidentially agreements in August and about six parties were still showing interest in following weeks.
Mr Robertson said two parties were domestic companies and a third international.
Two of the three parties wanted to buy, own and operate the hotel while the third hoped to buy and then lease out the beachside business.
Mr Robertson there had also been ''a lot of interest'' from third parties wanting to lease and manage the hotel.
