Historic hotel changes hands

Last updated 05:00 03/02/2013

The historic Cardrona Hotel near Wanaka.

Relevant offers


Analysts expected rate rise Telecom deal seen as vague and expensive Sea mining company raises $1.79m through share issue Cash sought for anti-inflammatory product Aviation painting firm folds Retail, hospitality wages expected to rise Demand for skilled labour taxes supply Higher interest rates 'fact of life' Savers back in the money ANZ leads field with rate rise

The historic Cardrona Hotel near Wanaka has been sold.

The hotel, which was founded in the 1860s and is one of the country's most recognisable buildings, has been purchased by Christchurch businessmen Cade Thornton and James Jenneson.

According to the agent who brokered the deal, Mark Simpson of Colliers International's Queenstown office, the profitable business had been sold as a freehold going concern.

He was unable to reveal the purchase price but said it provided the equivalent of a 10 per cent net return on the property and business.

"The buyers place a high value on the hotel's history and its strong following from locals and visitors," Simpson said.

It is understood Thornton and Jenneson intend to retain the hotel's historic character and features, while improving facilities such as the beer garden and its accommodation wing, which was added in 2002.

They also intend to base outdoor activities such as mountainbike tours at the hotel and improve its food and beverage offerings.

Ad Feedback

- © Fairfax NZ News

Special offers

Featured Promotions

Sponsored Content