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Largest hotel in the central plateau for sale as freehold going-concern

The freehold property interests and accommodation and hospitality business associated with a strategically-located independent hotel in the Ruapehu district is for sale, providing opportunity for a new owner to leverage tourism growth in the area and the documented shortage of visitor accommodation.

The 3-star rated Park Hotel Ruapehu lies on an expansive 8,000sqm site at the corner of State Highway 4 and Millar Street in National Park village. The township borders Tongariro National Park with its dual natural and cultural World Heritage status to the east, and Whanganui National Park to the west.

Built in 2006, the substantial hotel and tourism asset catering to domestic and international travellers was purchased more than seven ago by the vendors, who have previously owned other business and property interests in the wider Ruapehu district.

The owners have undertaken a comprehensive refurbishment programme to the rooms and all aspects of the property, and post-pandemic have lifted the revenue to create significant net cash flow after management costs.

The conference amenities, pioneer railway-themed restaurant and bar, and the reception area sit to the front of the site fronting State Highway 4. The 100-seater Spiral Restaurant has an open fireplace and generous lounge area and adjoins the Spiral Bar which has outdoor seating. The Waimarino conference room can cater for a substantial number of attendees, or can be partitioned for a more intimate space.

These facilities boast panoramic views of three iconic volcanoes: Mt Ruapehu, Mt Ngauruhoe, and Mt Tongariro.

The 80 guest rooms are located in three, two-level accommodation wings overlooking a grassed central area behind the food and beverage facilities. The rooms have five different configurations including twin, king, and variously-sized family rooms – all with ensuite bathrooms.

The landscaped grounds include visitor and guest parking, two spa pools, and four powered campervan sites, with the complex employing upwards of 25 people.

Wayne Keene, Bayleys’ national director hotels, tourism and leisure is marketing the freehold going concern of The Park Hotel Ruapehu through a by-negotiation sales process.

Keene says National Park village and its surrounds has become a year-round destination bolstered by its proximity to the winter playgrounds of Whakapapa and Turoa skifields, the renowned Tongariro Alpine Crossing, and a multitude of other recreational and adventure tourism activities on the doorstep like rafting, rock-climbing, hiking, paddle boarding and fly fishing.

“The National Park area is busy for 12 months of the year and is certainly not solely reliant on the winter ski season for its turnover – despite being the preferred base for so many skiers and snowboarders.

“In fact, the owners of The Park Hotel say the bulk of their revenue comes over the summer period with a good ski season just the cherry on the top.”

National Park is also anticipating a huge uptick in visitor activity off the back of the Te Hangāruru cycle way project – which will link National Park with Horopito and on to Ohakune via the Old Coach Road.

“When completed, Te Hangāruru will be one of New Zealand's 23 Great Rides, have the longest cycle bridge in the country, and is expected to bring more than 35,000 visitors a year to the Ruapehu district,” says Keene.

“It will effectively become the cycle equivalent of the Tongariro Crossing and really add to the popularity of the well-located Park Hotel as a convenient base – particularly as the closure of the 115-room heritage Chateau Tongariro has created a shortfall in the area’s accommodation inventory.

“The Chateau has been closed for 18 months now and is unlikely to reopen in its current form given the seismic and remediation issues it faces.”

The vendor advises that the income split from The Park Hotel is around 52% for the accommodation business, 45%  from food and beverage, and the balance from conferences, shuttle transport and other sundry services.

“There is identified scope to take the hospitality/food and beverage side of the business to another level by offering a lunch service for 12 months of the year for example, and through further promotion of the conference facilities,” explains Keene.

“Being such a large site, there is also potential to increase room inventory in the future to leverage rising visitor numbers.”

Keene says an investment buyer could consider on-selling the business component and retaining the freehold land and buildings.

He says New Zealand’s tourist visitor numbers are at circa-80 percent of pre-pandemic figures and rising, with industry data showing a positive rebound from Australian, American and European markets, with Asian markets slower to return but improving.

The Park Hotel is located 20 minutes from the start of the Tongariro Crossing, 15 minutes from Whakapapa skifield, 48 minutes from Turoa skifield, and around 4 hours’ drive from Auckland and Wellington.

Click here for more information on the listing.

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