Queenstown’s largest hospitality group, Republic Hospitality, has been acquired by MA Financial, a global asset management firm, in a deal valued at over $40 million. The transaction, which includes 12 venues and roughly 200 staff, marks a significant investment in New Zealand’s tourism sector and highlights the appeal of Queenstown as a premier destination.
MA Financial, which manages US$13.3 billion in assets, completed the acquisition through its hospitality division, Redscape Hospitality. Redscape already operates 40 venues across New South Wales, Queensland, and Victoria in Australia, employing over 1600 staff. The deal expands Redscape’s footprint and provides a platform for further growth in the New Zealand market.
Founded in 2001 by Mike and Cordelia Burgess with the opening of Winnies, Republic Hospitality grew to encompass a diverse portfolio of Queenstown establishments, including Soda, Winnies, The Ballarat, Sundeck, Tommy’s, 1876, Birdy, Habana, Below Zero, Zephyr, Frankton Arm Tavern, and Rhino’s Ski Shack. The Burgess family, after 25 years of building the business, decided to sell to facilitate the next phase of growth.
“We’ve loved the journey from opening Winnies in 2001 through to today, and we’re very pleased the team is excited about what the future holds with Redcape,” said Mike Burgess. The sentiment reflects a confidence in the future direction of the business under new ownership.
MA Financial director Enda Stankard emphasized the strategic importance of the acquisition. “This opportunity came up in Queenstown to acquire a hospitality portfolio, and we really saw it as the best portfolio in the best location in New Zealand,” he stated. He also noted the quality of the existing team as a key factor in the decision, adding, “We’ve inherited a high-quality team, and it’s a great starting point for us to expand from.”
The acquisition is being facilitated, in part, by New Zealand’s Active Investor Plus (AIP) fund. The AIP program, which has attracted over 500 applications and committed over $3.16 billion in investment since its inception, aims to attract foreign investment into New Zealand businesses. The Republic Hospitality deal is one of the first operating-business investments made under the program’s Growth category.
Changes to the AIP visa category in early 2025 simplified the investment criteria, creating Growth and Balanced categories. The Growth category, utilized in the Republic Hospitality acquisition, prohibits investment in purely property-based businesses – such as those solely reliant on rental income – but allows investment in operating businesses like hospitality, marinas, and childcare facilities.
Stankard explained that the AIP program’s focus on operating businesses aligns with MA Financial’s investment strategy. “The Growth category… does not allow investment in companies whose business model is based on a pure property play,” he said. “Things like hospitality, food and beverage, marinas, aged care, childcare, that is allowed.”
The transition is expected to be seamless, with day-to-day operations, venue brands, and leadership remaining unchanged. Blair Impey, Republic’s chief executive, will continue in his role and join the board as a director alongside Redcape managing director Chris Unger. Key members of the existing management team, including Justin and Eilis Fenton, Lauren Ludlow Viera, and Maddie Dennis, will also remain in place.
Redcape’s Unger praised the work of the Burgess family and Impey, stating they had built “an incredible portfolio of venues in one of the world’s most amazing locations.” He added, “As the hospitality-loving people that we are, we can’t wait to work with Blair and the team as we continue the Republic journey together.”
MA Financial anticipates leveraging its scale to benefit the acquired portfolio, particularly in areas such as procurement, staffing, training, and marketing. The firm also indicated a potential for further acquisitions, with a preference for investments in sectors where it possesses existing expertise. “We’re reviewing a couple at the moment, but we will look to diversify,” Stankard said. “This will be a diversified fund; it won’t just be a hospitality fund over time.”
The acquisition underscores the continued resilience and attractiveness of Queenstown’s hospitality sector, even as global economic conditions remain uncertain. The investment by MA Financial signals a vote of confidence in the region’s long-term growth potential and its ability to attract both domestic and international visitors.
