2 Nov 2005

Vaimaanga deal in Cook Islands close to going unconditional

11:57 am on 2 November 2005

The lawyer for Cook Islands paramount chief, Pa Ariki, says they expect the Vaimaanga hotel project to go unconditional within weeks.

The deadline for the project to rebuild the troubled hotel going unconditional is November 30th.

Lawyer Tim Arnold says the developer, Tim Tepaki, made it clear that the passing of the Unit Titles Act was a precondition to his investors going ahead with the Vaimaanga project.

The Tepaki Group's proposed Captain Cook Lagoon Resort and Spa has 163 hotel rooms, 33 serviced apartments, a presidential suite and nine VIP suites.

The Cook Islands News quotes Mr Arnold saying there are some conditions outstanding which they anticipate will be met when the deal goes unconditional.

The paper says Mr Tepaki has predicted start dates for construction to begin at the Vaimaanga site all year, saying he hoped the project would be started before the end of the year.

The Investor Forum's lawyer, John McFadzien, says they still have conditions needing to be satisfied, including the approval of the Development Investment Board while the Leases Approval Tribunal has to approve the form of lease.