The historic Cardrona Hotel near Wanaka has been sold.
The hotel, founded in the 1860s, has been bought by Christchurch businessmen Cade Thornton and James Jenneson.
Colliers International agent Mark Simpson, of Queenstown, 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.
It is understood the pair intend to keep the hotel's historic character, but improve and expand its facilities.
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