Augusta Capital Ltd announced last Monday it had entered into an unconditional agreement to acquire land in the Queenstown cbd for a 5-star hotel development, and on Friday it confirmed settlement.
Mulpha Australia Ltd has bought the leasehold 4.5 star Waldorf Stadium Apartment Hotel at Quay Park in Auckland.
NZX-listed property fund manager Augusta Capital Ltd will achieve 2 aims simultaneously when it leases the building at 54 Cook St, on the fringe of the Auckland cbd, to Jucy Snooze Ltd for a pod hotel.
Jucy Snooze Ltd said yesterday it would open a 386-bed pod hotel in central Auckland by the end of next year.
Hotel market analyst Wim Ruepert warned this week that over-construction in Auckland threatened to chop operators’ returns, which were already precarious.
Queenstown’s Millbrook Resort has won resource consent for the $50 million development of the neighbouring 67ha Dalgleish Farm into an addition to its golfcourse, interspersed with 42 sections for high-end homes.