Suite deals on offer as property portfolio launches hotel selection
A selection of hotels currently in their design and build phase, a range of provincial properties, and an island resort which has been dormant for several decades jointly headline a national portfolio of commercial accommodation venues being marketed for sale.
The sites are contained in a Hotels & Tourism New Zealand portfolio being marketed by Bayleys Real Estate. The campaign features 11 individual properties across New Zealand and range from sites which have been identified for development into commercial accommodation venues, through to premises operating as accommodation entities.
Among the opportunities with the Bayleys’ sector-specific catalogue are the land and buildings housing a dormant 62-room resort on Pakatoa Island in Auckland’s Hauraki Gulf and priced for sale at $40m.
The 24ha island has a golf course, three white sandy beaches, a commercially graded wharf, swimming pool, squash court, and a number of buildings and accommodation units.
Other hotel and tourism properties showcased within the Hotels & Tourism New Zealand portfolio include:
• The land and building housing the 48-room Emerald Hotel in Central Gisborne. The five-storey hotel sitting on some 4662sq m of land has a
4.5-star rating and runs an occupancy rate of 86 per cent.
Space within the property is leased to both the hotel operator and commercial office tenants. Those tenants – excluding the hotel – generate total annual revenue of $1.051m plus GST.
• Up to a dozen two-bedroom apartments in the 4.5-star SwissBelhotel full-service hotel in central Queenstown.
The developer of the six-storey property is undertaking a building consent application. On completion, the property will consist of 195 rooms. The apartments — which will operate within the George Rd hotel inventory — are being marketed for sale either individually at $799,000, or in any combination up to 12 at varying price brackets.
• The land and building housing the newly completed 64-room Leroy Suites hotel in Rosedale Rd in the Auckland suburb of Albany. The fourstar property opened earlier this year and has since recorded an occupancy rate of 80 per cent.
The accommodation operator is on a 15-year lease — along with three further five-year rights of renewal — which delivers an annual net rental return of $1.1m. Leroy Suites operates with a four-star quality rating. The property includes 63 car parks.
• The 16-unit Edgewater Motel on Orewa Beach, north of Auckland. The motel has studio and two-bedroom units under a three-star rating.
• The management rights or joint development of the 240-room Whitianga Waterways Resort Hotel being developed in the Coromandel coastal township. Operating under a planned
4.5-star quality rating, the hotel is to be built on a 1.93ha waterfront site with its own private beach and will also include conference amenities.
• The leasehold or management rights to a four-star hotel being developed at 101 Mount Eden Rd in the cityfringe Auckland suburb. Sitting adjacent to the Mount Eden rail station currently under construction as part of the City Rail Link, the 75-room hotel will be part of a commercial precinct.
• The Lakeside Resort & Spa overlooking Lake Karapiro in the Waikato township of Cambridge.
Consisting of 45 chalets, the resort has an indoor swimming pool and health spa amenity, all sitting on some 35.4ha of land on three separate titles allowing for further development in either a similar format, or for accommodation intensification.
Bayleys’ hotels and tourism group director Paul Dixon said the diversity of properties within the Hotels and Tourism New Zealand portfolio was a reflection of the sector’s broad operating spectrum, both in terms of locations and service offerings.
“The opportunities within the portfolio range from properties in the genesis phase of gearing up to meet the demands of inbound tourism operators, through to existing longrunning operations looking to capitalise on their investments and tap-out at a time when tourism sector activity is buoyant,” Dixon said.
“The portfolio showcases opportunities along the scale of riskaversity, with properties across our biggest city, right out into regional New Zealand. And there are also both hands-on or passive investment choices.”
The portfolio has also been marketed through Bayleys’ global affiliate Knight Frank, and in Hong Kong, Singapore and China.