Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


An influx of hospitality businesses up for sale

‘Six of the best’ sees an influx of hospitality businesses up for sale.


Harbourside Motor Lodge overlooking Nelson Marina


A handful of prominent hospitality and accommodation business in Tasman Bay have simultaneously come onto the market for sale in what a senior sales broker is calling “pure coincidence.”

Three sizeable accommodation providers in Tasman Bay, and three unrelated food and beverage operations are up for sale across the region – all hitting the market publicly within days of each other.

The three motels and lodges are:

• Harbourside Motor Lodge overlooking Nelson Marina

• Gladstone Motel in Richmond

and

• The Laughing Kiwi Backpackers in Motueka.

Concurrently, the trio of food and beverage businesses on the market are:

• The Chocolate Velvet retail outlet in Nelson

• Verdict Bar and Café in Nelson

and

• Stoneridge Café and Maze on the rural outskirts of Nelson

The six business are all being marketed for sale by Bayleys Nelson. Salesperson Tony Vining said it was pure coincidence that the portfolio of locations had all come onto the open market at the same time.

“The owners, independent of each other, have taken the maximum returns of what turned out to be a pretty good summer for Tasman Bay at the end of the season,” Mr Vining said.

“Some of the establishments had been quietly on the market for a number of months as their vendors tested the proverbial ‘waters’ to see what interest was out there among their respective industry sectors. Now, by going public with full marketing, it’s open season.

“With standard due diligence procedures and settlement dates taking between four to six months to conclude, the vendors have put their venues on the market now to allow potential new owners to take possession in spring or into early summer.

“That’s quite standard practice for those in seasonally-trading businesses.”

Mr Vining expected potential buyer interest for the accommodation businesses would most likely come from ‘out of towners’ relocating to Tasman Bay for lifestyle reasons, while the food and beverage operations would most likely be bought by locals wanting to branch out into new business activities.

“The nature of this portfolio means that a wide breadth of the hospitality market is covered.

The accommodation providers for example range from a backpacker style in dorm and budget room configurations, through to the Gladstone which is only a few years old and offers executive style rooms,” Mr Vining said.


“The food and beverage operations by comparison range from the Chocolate Velvet retail outlet with a bakery on site, through to Verdict which is licensed and running as a lunch and dinner establishment with an after-works drink crowd.”

Mr Vining said that hospitality and tourism had long been a mainstay of Tasman’s economy, and there was little to suggest any subsidence of this activity in the future.

“While the sector is somewhat seasonal, the best operators in the business have been those who have created a strong local clientele to see them through the winter and shoulder periods, and those who have invested in marketing strategies to the regionally in-bound tourism markets,” he said.

.

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: Weak Dairy Prices Prompt Pull Back In Fonterra Forecasts

Weak global dairy prices have prompted analysts to pull back their expectations for Fonterra Cooperative Group's payout to farmers for next season. More>>

Broadband Network: Spark Launches New, Competitive Ultra Fibre Plan Line-Up

Spark is giving customers an even more compelling reason to switch to its Ultra Fibre plans from today with the introduction of new competitive pricing for the majority of its plans (details below) and Fibre Landline (voice-over-fibre technology) for ... More>>

Employment: ANZ Proposes Casualisation In Whangarei Stores

ANZ workers in Whangarei could see their incomes drop by 20 to 40 percent if the bank’s proposal to reduce the number of full-time positions goes ahead says FIRST Union national organiser Tali Williams. More>>

Finance: BNZ Develops Specialist Tāmaki Māori Banking Team

BNZ develops specialist Tāmaki Māori Banking Team to support Māori as Auckland grows More>>

Pharmaceuticals: Commerce Commission To Consider Pharmaceuticals Merger

The Commerce Commission has received an application from Pfizer Inc. seeking clearance to acquire all of the shares in Hospira Inc. More>>

Real Estate: Housing Unaffordability Issues Spread

Surging house prices in Auckland and Queenstown last month pushed home ownership even further beyond the reach of first home buyers in the two districts, according to the AMP360 Home Loan Affordability Report for March. More>>

Statistics NZ: Annual Exports To China Dip Below Australia

The value of goods exports to Australia ($8.7 billion) surpassed those to China for the year ended March 2015, Statistics New Zealand said today. More>>

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news