Serviced apartment hotel up for sale in Rotorua, NZ

The land and building making up one of the few serviced apartment hotels in Rotorua, New Zealand's, central business district is up for sale, says Bayleys Rotorua's Bill Wilson.

The 2,282 square meter, three-story Quest apartment building on Hinemoa St was converted from a commercial office block and cafe in 2012 for the Quest chain. "The trust which owns the site is associated with a developer who has a fair amount of work on currently, and has decided this is a good opportunity to sell on the property and free up some capital," Wilson said. 

Macphee Hospitality - operator of the Quest franchise - has a 10-year lease on the bulk of the building, expiring in 2022 with three further five-year rights-of-renewal. The property is being marketed by tender, closing on August 6.

FREE DAILY NEWSLETTER

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.

Suggested Articles

Marriott International said that it was too early to estimate how coronavirus would affect openings this year.

The 216-room hotel will follow the citizenM Seattle South Lake Union, which is slated to open this April.

Though Marriott said the virus could lower fee revenue by $25 million a month, President/CEO Arne Sorensen called the estimate “probably a bit light.”