In New Zealand, the sales of the Emerald and Quest Hotels in Gisborne and New Plymouth (respectively), a number of motels and the Matua winery in Waimauku are among close to $50 million of hospitality and tourism accommodation transactions recently concluded by Auckland-based real estate firm Bayleys.
The sales of the Emerald Hotel in Gisborne’s CBD and the Quest Hotel in New Plymouth had a combined value of $17,350,000. The properties went to separate purchasers.
The Gisborne sale, concluded by by Paul Dixon of Bayleys business, tourism and leisure division in conjunction with Alan Haydock and Cameron Melhuish of Bayleys Auckland, encompassed one of the city’s largest CBD commercial properties, overlooking the Taruheru River. Dixon told the New Zealand Herald that the purchaser has taken over the operation of the hotel.
The New Plymouth property was sold to an investor by Dixon and Alan Johnston, Bayleys Taranaki in conjunction with Michael Nees, Bayleys North Shore Commercial. The building has 40 serviced apartments on the upper two levels.
Dixon says tourism continues to be a standout economic performer in New Zealand, with strong growth in all regions. “This is driving increased demand for guest accommodation and hospitality premises from both investors and owner operators.”
Bayleys’ recent motel sales include:
- A 22-unit motel on a freehold site on the Ellerslie Panmure Highway, Mt Wellington which sold with vacant possession for $5.4 million through Stuart Bode and Millie Liang, Bayleys Auckland. It was purchased by a motel operator looking for additional capacity.
- A 40-room motel complex in Great South Road, Papatoetoe which sold as a freehold going concern for $4.2 million through Tony Chaudhary, Bayleys South Auckland.
- The Capital Gateway Motor Inn in Newlands, Wellington sold for $6 million at a 7.5-percent yield by Mark Sherlock, Bayleys Wellington. It includes 40 motel units, and has 34 years remaining on a 47-year lease.
- A backpackers’ complex in Motueka, sold as freehold going concern for $1,150,000 through Reece Forbes, Bayleys Nelson.