New Zealand's Hotel St. Clair sold to anonymous buyer

In Dunedin, New Zealand, the Hotel St. Clair has been sold in what the Otago Daily Times claims is a multimillion-dollar deal. Calder Stewart development director Alan Stewart did not share the price or name the purchasers, but he did tell the paper that "they were Koreans who moved to New Zealand in the early 2000s." 

"The purchaser has previously run successful hospitality businesses and will relocate to Dunedin to take over management," Stewart said.


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

The deal was confirmed 18 months after the company decided to put the hotel, along with its Pier 24 restaurant and a conference room, on the market. The hotel's rateable value was $6.85 million and an adjacent section, which could be built on, was valued at $765,000.