Oakridge Resort's new owner Tony Williams yesterday told the Otago Daily Times he could not disclose the "substantial" sale price because it was subject to a confidentiality agreement.
The Oakridge Resort group of companies was placed into receivership in September, owing about $10 million to South Canterbury Finance.
The Williams Group had decided to purchase Oakridge because it complemented its existing hotel operations in Greymouth and Christchurch, Mr Williams said.
The company owns and runs the Ashley Hotel, Greymouth, and Towers on the Park hotel, Christchurch.
The Williams Group was liaising with unit owners at Oakridge as part of a transition to move the resort from a property development to a "sustainable long-term hotel operation," Mr Williams said.
His son Mark will take over day-to-day operation of Oakridge as general manager.
The "more than 50 staff" at Oakridge would retain their jobs and it would be "business as usual" for attached amenities at the resort.
The purchase of Oakridge is the Williamses' first investment in the region.
The group bought its first hotel in Greymouth in 1990.
The Williams Group has interests in transport, contracting, civil construction, tourism, and property development.
Its company profile lists significant investments in and a strong commitment to the West Coast.
Mr Williams has been managing director of the group for the past 20 years.
He is a former director of Solid Energy New Zealand Ltd and a former chairman of Tourism West Coast.
He is the chairman of Development West Coast.
Wanaka businessman Par Hallberg and his wife, Anita, acquired full ownership of Oakridge in 2006.
They developed the complex in several stages into a 177-room, four-and-a-half-star hotel spread over 6.5ha on the corner of Cardrona Valley Rd and Studholme Rd.
