$9.15 million for boutique hotel in Queenstown
The land, buildings and business sustaining the four-star boutique hotel Hurley’s of Queenstown are for sale for $9.15 million.
The prominent Hurley’s of Queenstown hotel comprises 22 accommodation suites, with rack rates ranging from $170 to $450 per night depending on seasonality.
It is located on the fringe of Queenstown’s central business district at 1 Melbourne St on the corner of State Highway 6A, the main route into and out of central Queenstown.
Constructed in 1999, the accommodation suites are spread across the three storeys within a rectangular-shaped block.
The ground level units have courtyards and the first-floor suites have balconies. All rooms on the upper floors have lake or mountain views.
There is also manager’s accommodation – a two-storey, threebedroom home with private car parking and a courtyard as well as excellent views of the Remarkables mountain range.
The land and buildings, along with the management rights to the accommodation business, are being jointly marketed for sale for $9.15m plus GST (if any) through Bayleys Auckland and Bayleys Queenstown.
Bayleys tourism division salespeople Allister Simpson and Wayne Keene said 17 of the 22 Hurley’s rooms were included in the sale, while the remaining five would continue to operate under a long-term management contract.
Keene said that while the Hurley’s of Queenstown package was being marketed as including the land, buildings and business, there was also the option to purchase either the management rights for Hurley’s of Queenstown, or purchase the freehold unit titles of the 17 Hurley’s of Queenstown accommodation units.
‘‘The management rights come with a long contract in place running through to 2029 with two further 15-year rights of renewal and a final expiry of 2059.
‘‘Under this dynamic, buyers would also acquire a 1/23rd share of all common property. All of
Hurley’s of Queenstown’s owners had built up the accommodation entity to a position where it was performing ahead of comparative market levels in Queenstown’s hotel accommodation sector. Allister Simpson Bayleys tourism division
Hurley’s 22 apartments are in the hotel’s letting pool and are classified as being ‘permanently transient’,’’ said Keene.
‘‘Alternatively, the 17 freehold unit titles can be purchased as real estate assets sustaining a viable commercial accommodation business.’’
Simpson said Hurley’s of Queenstown’s business owners had built up the accommodation entity to a position where it was performing ahead of comparative market levels in Queenstown’s hotel accommodation sector.
‘‘The business is able to efficiently support either a management structure or be run under an owner-operator model. The configuration of rooms delivers accommodation options for both the corporate and leisure travel sectors,’’ he said.
The configurations comprise two studio rooms, eight premier studio units, five executive studio units, a honeymoon studio unit, a two-bedroom studio unit, and five two-bedroom apartments.
Guest amenities at the property include a 24/7 gymnasium, a pair of Scandinavian-style saunas, a large ski gear drying room, and storage lockers for guests’ sporting equipment.