PHOTO: WARWICK SMITH/STUFF Infamous property magnates the Chow brothers plan to turn FMG’s former headquarters into a 100-room high-end hotel.
Millionaire property magnates the Chow brothers are buying up office blocks throughout New Zealand to convert into hotels.
John and Michael Chow have just bought Palmerston North’s former FMG building to turn into a four-star hotel.
The Chows, who are expected to remain on next month’s National Business Review rich-list, are best-known for their brothels and strip clubs, have diversified into house building, finance, and commercial property – most recently, investing in a string of hotel developments.
The brothers saw an opportunity in New Zealand’s “severe shortage” of hotel accommodation and a tourism industry boom, Michael Chow said.
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READ MORE VIA STUFF