Up to $4 million will be spent redeveloping Queens-town’s tired looking Coronet Peak Hotel. New owner Tim Manning who developed the local Green-stone Terrace housing complex – says he’ll upgrade the Arthurs Point hotel to four-star standard and sell of its 82 rooms to individual owners.
The Auckland based developer has also co-opted Asian-based hotel chain Swiss-Belhotel International to run the property. Tim Manning Norwich Properties brought the hotel, originally built in the 1970’s, in a mortgagee sale after both the ownership and operating companies went bust. It’s believed Manning paid about $5 million.
Manning believes his timing couldn’t be better. “As the market comes up you need new product.” The whole hotel will be upgraded he says, “It’s just very tired.”
One wing will be refurbished late this year and the other in time for next year’s ski season. “We’re going to use local tradesmen, local architect, local planners.”
Manning will put the rooms expanded from 78 to 82 – into separate titles. Manning aims to sell each room, with its own car park, to owners who’ll earn returns from hotel proceeds and get a few free weeks’ stay each year. The developer says he hasn’t finalised sale prices.
Manning says he chose Swiss-Belhotel International after putting the management rights out to international tender. “The reason I chose them is their e-commerce and e-marketing is second to none. And because we’re probably going to sell in Asia, it’s good they’re an Asian brand.”
Based in Hong Kong, the company – which has re-branded the Swiss-Belresort Coronet Peak – operates 51 hotels and has another 70 under construction. More than half its hotels are in Indonesia but it’s also in the Middle East, China, Vietnam, Malaysia and Australia. Tim Manning says it’s also nice to deal with the company’s kiwi owner Gavin Faull.
Faull who brought the company in 1999 with a Hong Kong partner, had involvement with Queens-town hotels 30 years ago when he was chief executive if Kingsgate International.
Opening his first New Zealand hotel in Queens town is a huge vote of confident in the resort, he says “It’s the most together tourism city in NZ.”
Faull expects the room rates, after the upgrade, will average $100-$120 which he says is very good value.