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FIFTH QUEENSTOWN HOTEL COMPLEX FOR NEW ZEALAND DEVELOPER

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February, 2020

Construction is set to begin in August on New Zealand-wide apartment

developer and builder Safari Group its fifth, and largest, Queenstown

hotel and residential apartment complex, TRYP Remarkables Park.

Safari has now started selling units in the Frankton complex.

Four years ago, Safari opened Ramada Remarkables Park, two years ago

it opened the nearby Wyndham Garden and last spring it opened

Ramada Queenstown Central.

Its now well underway with another Remarkables Park complex,

Ramada Kawarau River, which has been renamed LQ (short for La

Quinta) by Wyndham Kawarau River.

That complex incorporates 91 hotel and 96 residential apartments  with

only one hotel unit and about eight residential units left to sell  and is

due for completion by the end of the year.

TRYP Remarkables Park, down the road from the first Ramada and

Wyndham Garden, will include 147 hotel and serviced investment

apartments and 64 residential apartments.

With a retail development value of about $120 million, it will be Safaris

first local five-star property and four-and-a-half star.

Safari owner Rob Neil says the five-star rating reflects the quality of its

finish and greater range of amenities, including an indoor pool, gym and

health and beauty spa, as well as a restaurant and bar.

Like Ramada, Wyndham Garden and La Quinta, TRYPs a brand owned by

the worlds largest hotel group, Wyndham.

Neil says its a funky, milllennial-style brand, and has an art component

 in Queenstowns case, our art story is going to be about native NZ

birds.

Prices range from $319,000 for a studio hotel unit, $595,000 for a one-

bedroom serviced investment apartment and $625,000 for a one-

bedroom residential apartment  the highest price is $1,300,000

(including GST) for a three-bedroom, 106 square metre residential

apartment.

The guaranteed gross return is up to 6.11 per cent.

Neil notes the hotel and serviced apartment units are exempt from the

residential foreign buyer ban, while hes applying to exempt 60 per cent

of his residential stock.

Meanwhile, its no surprise four of Neils first five complexes are at

Franktons Remarkables Park.

You cannot go and find land in town to make it financially viable.

We were lucky to find the Frankton Road [Ramada Queenstown

Central] site, which I argued at the time was too expensive but in

reality I probably stole it.

Asked why he has so much faith in Queenstown, he points to how hes

sold out his projects, as well as how well theyre performing  Ramada

Queenstown Central, for example, is well exceeding his expectations.

I wouldnt be here otherwise.

[TRYP] is my fifth one, and you think Im going to stop there?

Source: Mountain Scene

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