Kawarau Falls Station

Initial developers behind stage one of Kawarau Falls Station owe $154.8 million to Bank of Scotland International (Australia) as at July 19 - up from $142 million in November last year.

Unsecured creditors are unlikely to be paid, the fourth receiver's report for the troubled Kawarau Falls stage one development says.

The future of stages two and three of the troubled $1 billion Kawarau Falls Station development at Queenstown is still a mystery, but repainting all five buildings in stage one in less reflective paint is likely to happen from 2016.

Queenstown residents and businesses will have access to a deluxe dairy, top-end restaurants and conference facilities in a village-style hub, their new "next door neighbour" - Hilton Worldwide says.

The two Hilton-managed hotels at the Kawarau Falls Station site will be run by former Park Hyatt Sydney general manager Marlene Poynder, who says she is "upbeat" about the future of the high-end retail and accommodation village as the global recession lifts.

Hilton Worldwide's twin hotel management deal with Queenstown's beleaguered billion-dollar Kawarau Falls Station development has been greeted with caution by Penny Clark, Queenstown chairwoman of the New Zealand Hotel Council.

With an announcement expected in a week on the future hotel operator for the troubled $ 1 billion Kawarau Falls development and resort, due to be completed and fully operational in March 2011, the Queenstown Times takes a look at the highs - and lows - of the development.

Troubled $1 billion development Kawarau Falls Station wants one of its buildings changed from residential use to visitor accommodation and to set up a general store within the building.

The land earmarked for stages two and three of the Kawarau Falls Station development, worth almost $85 million, could be up for sale as receivers try to repay almost $134.4 million owed to creditors.

The subcontractor in dispute with a construction company at Queenstown's Kawarau Falls Station development owes creditors almost $5.2 million.