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.