Up to $4 million will be spent redeveloping Queens-town’s tired looking Coronet Peak Hotel. New owner Tim Manning who developed the local Green-stone Terrace housing complex – says he’ll upgrade the Arthurs Point hotel to four-star standard and sell of its 82 rooms to individual owners.
The Auckland based developer has also co-opted Asian-based hotel chain Swiss-Belhotel International to run the property. Tim Manning Norwich Properties brought the hotel, originally built in the 1970’s, in a mortgagee sale after both the ownership and operating companies went bust. It’s believed Manning paid about $5 million.
Manning believes his timing couldn’t be better. “As the market comes up you need new product.” The whole hotel will be upgraded he says, “It’s just very tired.”
One wing will be refurbished late this year and the other in time for next year’s ski season. “We’re going to use local tradesmen, local architect, local planners.”
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