Last year, the boutique hotel, which dates back to the 1980s, was bought by a subsidiary of Singapore/New Zealand company New Bay Group, which also owns Rydges Auckland, Wellington's Atura hotel and Quest Tauranga. It paid $20.125 million for the 8443 square metre property.
It had latterly been owned by about 35 unit owners, who’d also been managing it for the past couple of years.
Now being managed by Kiwi-owned Capstone Hotel Management, the Overseas Investment Office gave approval for the off-market sale, handled by Bayleys, on the grounds the new owners upgraded the hotel to a five-star resort, as that would involve extra spending and create more jobs in the Queenstown area.
A specific condition was the applicant had to spend at least $9m on refurbishments and upgrades by June 30, 2027.
Elements of the upgrade include a total refresh and upgrade of the Roman-style spa and its capacity, a new lobby and reception area, and upgrades to the restaurant and all 40 guest rooms, each of which have balconies or patios.
It’ll also include a hotel rebrand.
Capstone managing director Clare Davies says they’re "thrilled" to embark on the project.
"Our goal is to enhance the guest experience and upgrade the property to new heights of modern comfort and luxury."
Perched above the Shotover River, Nugget Point also boasts conference rooms, a fitness centre, squash courts and a private cinema.
