While revealing Fletcher Building’s five-year-plan to investors, chief executive Ross Taylor did not announce a completion date for the 200-room Novotel Christchurch Airport. The $80 million development initially planned to open last December.
“We are standing by our commitment to complete all our remaining building and interiors (B+I) projects to the highest quality, including the Novotel in Christchurch. But we are not going to discuss the specific details of the day-to-day progress or timeline of each project, or commercially sensitive information.” Taylor said.
“We do not have a confirmed construction completion date for the hotel,” Yvonne Densem, a spokeswoman for Christchurch International Airport, said to BusinessDesk.
“The airport company is disappointed the project will be delivered late, but costs of delay and meeting quality standards are a matter for the contractor and its sub-contractors. We don’t expect a negative financial impact on the airport.”
Fletcher Building chief executive Ross Taylor has said the company would not increase its provisions towards its building and interiors projects.
In February, Fletcher Building announced further provisions of $486 million, bringing the building’s projected losses to $660 million.