One of Queenstown’s most significant tourism and redevelopment opportunities in many years is now on the market.
The 73-room Tanoa Aspen Hotel, together with an adjoining 6,537 sqm parcel of development land, four adjoining residential properties and two strata titled apartments, is being offered for sale as one parcel by way of international expressions of interest closing 31 March by Dean Humphries and Barry Robertson of Colliers International.
Humphries, Colliers’ national director of hotels, said the 15,000 sqm parcel of land and property includes one of the few remaining development sites available in Queenstown, as well as stunning views.
“Demand for land like this is exceptionally strong and will remain that way due to a critical shortage of appropriately zoned land,” he said.
Humphries said the same can be said about investment demand for hotels like the Tanoa Aspen.
“With all hotels and tourist accommodation in Queenstown operating at full capacity, investors and developers are frantically searching for hotel opportunities. However there are simply no other hotels available on the market.”
Humphries said Queenstown is currently running at full capacity, with a record occupancy of close to 80 per cent.
“Queenstown is one of the hottest tourist destinations in the Asia Pacific region and is experiencing a major tourism boom fueled by increasing airline capacity and a favourable exchange rate.”
The 3.5 star Qualmark rated Tanoa Aspen Hotel in the hillside suburb Fernhill has a solid revenue stream and profit margin accompanied by an attractive development site that can accommodate further expansion or other forms of development including residential, aged care or a mixed-use development.
Robertson, Colliers’ tourism broker based in Queenstown, said development land in the region is being snapped up at record prices, and so expects the medium density development land adjoining the Tanoa Aspen to be a major attraction for investors.
“This property will be ideally suited to an existing hotel investor, who would like to brand the hotel under their own name with options of either expanding the hotel - potentially up to 200 keys – or utilising the property for a range of other uses.
“The Fernhill location is one of the most elevated tourism sites in Queenstown, and enjoys unobstructed views towards The Remarkables and over Lake Wakatipu, which is truly exceptional considering a large number of accommodation properties in town do not have these type of views.”