PHOTO: CHRIS MCLENNAN – Queenstown room rates at an average $241 were the highest in the country in the first half of 2018 according to real estate firm CBRE’s research.
Commercial property investor and manager Augusta Capital has bought a central Queenstown site with plans for a five-star hotel development for $13.95 million.
The price included the land as well as the designs, intellectual property and site works undertaken to date, Augusta Capital said.
Settlement of the transaction was expected before November 30.
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