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: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news