Historic Landmark on the Market

The 162-year-old Cardrona Hotel, a beloved icon of New Zealand's Central Otago region, is now up for sale. Since its listing, the hotel has drawn over 100 inquiries from New Zealand, Britain, and Asia, signaling strong international interest in this historic property. Known for its rustic charm and exceptional hospitality, the hotel has been a central hub for travelers and locals alike since its establishment in 1863.

A Rich History and Modern Appeal

The Cardrona Hotel is more than just a place to stay—it's a piece of history. Its architectural heritage, combined with modern comforts and a vibrant beer garden, makes it a unique destination. Kade Thornton, one of the co-owners, emphasized the hotel's appeal: 'It draws a mix of local, domestic, and international visitors who are captivated by its authentic historic character and excellent food.'

The Sale Process

Interested parties are invited to register and request a copy of the confidential information memorandum. Potential buyers must sign a non-disclosure agreement to access sensitive commercial details. Thornton mentioned that the process has more than a month to run, and expressions of interest will close on August 15 at 4 pm.

Heritage and Foreign Investment

Though the hotel is partially listed as a Category Two Historic Place by Heritage New Zealand Pouhere Taonga, only the false front of the building is protected. This means the property does not meet the area threshold for sensitive land classification. As a result, a foreign buyer would not need consent from the Overseas Investment Office (OIO) to purchase the hotel, making it an attractive proposition for international investors.

A Thriving Business

The hotel operates with high occupancy rates, averaging 84% annually and often fully booked. It employs around 40 to 50 part-time and full-time staff and continues to attract visitors with its charm and hospitality. The business is currently seeking an experienced full-time sous chef to join its team.

Financial and Legal Considerations

Financial details of the hotel are being managed by a Dunedin accountant, Hayden Yardley, and interested parties are directed to him for information regarding the hotel’s accounts and profitability. The property is divided into 10 separate fee simple titles, and most of the land is encompassed by the address 2312 Cardrona Valley Rd. While Thornton did not disclose the current market valuation, the Queenstown Lakes District Council values the property at $5.42 million.

A Business Opportunity

Thornton, who has owned the hotel for over a decade, remains confident in its future. 'I’m the best salesperson for the hotel after owning it for so long,' he said. The sale of the hotel is not only an opportunity for new ownership but also a chance to preserve a piece of New Zealand’s history in the hands of passionate and capable stewards.