Radisson Hotel Group has signed a 15 year hotel management agreement for a new $70 million Queenstown property
63-room hotel to be developed by Augusta Capital
Plans are to open the hotel by early 2022
First Radisson Collection hotel in New Zealand
Radisson Hotel Group has signed a 15 year hotel management agreement for a new $70 million Queenstown property.
Augusta Capital is developing the hotel, contracting with Cook Brothers Construction to build the 7,500 square meter five-level boutique hotel on a former housing land on Man Street, three blocks back from the lakefront in the center of the resort town. Plans are to open the hotel by early 2022.
This will be the first Radisson Collection hotel in New Zealand, as well as one of two initial seed assets for the Augusta Tourism Fund. Augusta’s new tourism fund could hold assets of around $400 million in the next few years, with plans to expand it quickly. The fund won’t open to investors until February but in the meantime, the two assets it has on balance sheet are the Queenstown Radisson and Auckland’s new Jucy Snooze hotel. The fund will seek to capitalize on the acute shortage of hotel accommodations being experienced across New Zealand with a focus on Auckland and Queenstown locations where the two seed assets are located.