Duo of luxury lodges on the market for sale simultaneously

Tuesday, 2 December 2014, 9:00 am
Press Release: Bayleys

Media Release
1.12.2014
Duo of luxury lodges go on the market for sale simultaneously

Two of New Zealand’s most exclusive lodges –one which rents out for $10,000 a night and the other regularly booked by Hollywood movie stars – have been placed on the market for sale.

The upmarket tourism destinations of Lake Okareka Lodge near Rotorua, and Tongariro Lodge in the Central North Island, are both being sold as going concerns owned by separate vendors.

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Tongariro Lodge

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Lake Okareka Lodge

Caption: Two of New Zealand’s premier upmarket retreats – Lake Okareka Lodge and Tongariro Lodge – are on the market for sale.

In both listings, the land, buildings and businesses are being marketed by Bayleys, with salesperson Chester Rendell admitting it was purely coincidence he had been appointed to manager the process simultaneously for the pair of lodges.

“While both properties definitely cater to high-end tourism, they are each targeting different sectors of the luxury market – one a small and intimate lake-side establishment, and one squarely patronised by trout fishermen and their partners,” Mr Rendell said.

The bigger of the two properties is Tongariro Lodge on the banks of the legendary Tongariro River at the Southern end of Lake Taupe. The venue has the international reputation of being New Zealand’s most iconic trout fishing lodge and was established in 1982.

The lodge features the main complex along with management and accommodation infrastructure, plus 10 chalets and one three-bedroom villa on some nine hectares of landscaped river-frontage grounds.

The lodge business also has the right to reserve an additional 16 privately-owned standalone two to five-bedroom villas on the grounds. The 16 units are to remain privately-held and are not part of the sale process.

Among the ‘who’s who’ of guests who have stayed at the lodge are former US president Jimmy Carter, and Hollywood movie stars such as Liam Neeson, Larry Hagman, Timothy Dalton and Robert Mitchum. Rates for a night at the lodge range from $285 per person to $685 – with the tariff including accommodation, a four course dinner and a cooked breakfast.

Mr Rendell said Tongariro Lodge has considerable revenue upsides – with resource consent granted to develop an additional 14 stand-alone accommodation units or separately-owned dwellings on three hectares of lodge-owned land, plus additional resource consent for three further accommodation blocks, and a separate manager’s unit and administration building.

“After building and owning Tongariro Lodge continuously for some 32 years and developing an excellent reputation, the owners have ‘done’ their proverbial ‘dash’, and are looking to sell up and enjoy their retirement,” Mr Rendell said.

“However, they have laid the groundwork over a number of years for a new owner to come in and take the business to a new level.”

The lodge contains three dining areas, a bar, and guest lounge, capable of serving up to 110 guests. On-site amenities include a spa pool, tennis court, and helipad. Up for sale in conjunction with the accommodation business is the trout fishing guiding business, which includes a boat and raft, contracts with specialist guides, and fly fishing access. The property and business are being sold by negotiation.

The other of the two lodges is Lake Okareka Lodge on the northern fringe of Rotorua’s urban boundary. The remote three-suite venue sits adjacent to Lake Okareka, and is booked by guests wanting privacy, pampering, and relaxation in the 657 square metre residence -where bedrooms are similar in size to an average one-bedroom New Zealand flat. Lake Okareka Lodge’s owners also operate a five-star luxury hotel in Bangkok.

Mr Rendell said the Thai-owned venue had a standard rate of $10,000 per night booking the entire lodge, and was target marketed at mature, wealthy, European and South-East Asian free-independent-travelers and corporates with two nights being an average stay. It could alternatively be purchased and converted back to a private residence.

“The lodge was established to cater for guests demanding something totally different from the city’s standard five-star accommodation offerings,” Mr Rendell said.

“Lake Okareka Lodge is one of the most exclusive lodges sitting around Rotorua’s periphery, serving a niche clientele seeking a highly-personalised yet discreet level of service. After developing the lodge from what was a majestic residential address, the international owners are now looking at other opportunities offshore and are divesting one of their New Zealand assets.

“It could always be bought as a holiday home and easily converted back to a magnificent private residence.”

Mr Rendell expected strong local interest in the businesses from existing domestic tourism operators – pointing out that the boutique and high-end nature of both venues were traditionally favoured by owners or European descent who had moved to New Zealand for lifestyle choices.

“We’re not talking mum-and-dad style B & B operations, but very professional entities with high service standards, international marketing affiliates to inbound-visitor tour chains, and strong networks in the New Zealand conference and incentive travel sectors,” he said.

ENDS

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