New Zealand glacier hotel goes on the market

In the New Zealand town of Franz Josef, Westland, a South Island hotel property by the eponymous Franz Joseph glacier is up for grabs

"This business is showing substantial growth," Barry Robertson, the tourism broker at Colliers International's Queenstown office who is marketing the Franz Josef Oasis Hotel told the New Zealand Herald. The hotel is for sale as a freehold property and going concern business with an asking price of $3.2 million.

Robertson noted that the hotel has "potential to expand" and facilitate further growth. The property encompasses a newly renovated 16-suite hotel building, a restaurant, art gallery, manager and staff accommodation and gardens on 1.59 hectares of land.

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Notably, the region may be seeing significant visitor growth: Robertson says guest nights on the West Coast rose 10.5 percent to 1,267,906 over the year to August 2015. "Visitors spend $288 million a year on the West Coast, equivalent to 20.4 percent of the region's GDP," he told the paper.

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industry experts offered insight on selling franchised hotels as well as how to prevent ADA issues from developing during a renovation.

Paul Kelly, CEO of the National Tourism Development Authority Fáilte Ireland, said the capital needs 1,000 new rooms in the coming years.

Construction of the hotel on the site of the historic Equity Chambers building has commenced and the project is expected to open by Q2 2020.