Sold Hotel New Zealand – Nugget Point Hotel
A boutique luxury resort which broke new ground in Queenstown’s early days as a major tourist mecca will be returned to its former glory and expanded following recent deals brokered by Bayleys Real Estate.
Nestled in a secluded spot high above the Shotover River with stunning mountain views, Nugget Point Hotel is the closest hotel to the Coronet Peak ski area while also being just a seven-minute drive from central Queenstown.
Underpinned by a more than 8,000-square-metre site at fast-growing Arthurs Point, it features 40 spacious guest rooms, all with private balconies or patios, plus impressive food and beverage areas, a Roman-style spa, conference rooms, a fitness centre, squash courts and a private cinema.
The hotel’s expansive dining room and bar facility overlooking the river and Coronet Peak lays claim to being one of the finest in Queenstown.
Public spaces with antique-style furniture, pitched and beamed ceilings and stacked stone accents add to its opulent style.
“Constructed in the Eighties when Queenstown was far from the sophisticated international visitor destination we know today, this groundbreaking resort was ahead of its time,” says Bayleys Investment Sales Director Paul Dixon.
The team facilitated an off-market sale to Singapore/New Zealand buyer New Bay Group for circa $20 million, which settled in September. For New Bay Group, Nugget Point was the latest addition to a portfolio that includes hotels in Auckland, Wellington and Tauranga.
New Bay Group has committed to an extensive refurbishment which will restore the resort to a five-star-plus standard. This will include:
• A total refresh and upgrade of the spa and its capacity,
• Refurbishment of all public areas including lobby, reception, restaurant, bar and outdoor areas,
• Building additional accommodation rooms,
• Refurbishing and upgrading the existing guest rooms.
In addition to the sale and purchase process, the Bayleys team was engaged by New Bay Group to run a hotel management selection process, attracting a number of potential parties with which the owners could enter into a hotel management agreement.
Capstone Hotel Management, a company with many years’ experience in the sector and some 14 hotels under management nationwide, was selected to operate the resort.
Keene says the property will undergo significant improvements over the next year, with a team of specialists appointed to oversee the redevelopment and full refurbishment of the hotel back to a five-star standard.
“The scene is now set for Nugget Point Hotel to reestablish its place as a five-star resort that’s on the radar of the most discerning guests from across New Zealand and overseas,” says Keene.