Bayleys Queenstown salesman Buzz Scown said the landmark Coronet Peak Hotel, in Arthurs Point, was built in 1985 and was one of the first hotels in the region to locate out of the resort's CBD area.
However, following several years of tough trading conditions, exacerbated by the global economic crisis and the Christchurch earthquakes, the three-star hotel had been put up for sale through a mortgagee process.
The property, which comprises a 78-room hotel, in-house restaurant and bar, management offices, commercial-grade kitchen, commercial laundry services, sauna and spa facility, outdoor swimming pool and on-site two-bedroom manager's accommodation and a Strike Bowl bowling alley, along with 2105sq m of land, leased to Rock Gas Ltd, has a combined rateable value of $6.82 million.
In December, Coronet Peak Hotel Ltd was placed in voluntary liquidation owing more than $1.4 million after a plunging market, "unsustainable rental" and the building's poor condition saw it fail last year. PFK Corporate Recovery and Insolvency was appointed in late December to manage its financial situation.
Their first report showed Coronet Peak Hotel Ltd owed almost $282,000 to preferential creditors the Inland Revenue Department, while holding assets of only $71,597.
Trade creditors were owed $92,846 collectively, BNZ $400,000, Dold Trust more than $736,000, and DBM Enterprises $15,000. Minus assets, secured and unsecured creditors were owed a total of $1,454,992.
Mr Scown said the 5600sq m building and its decor and fittings were fairly "tired".
Tenders close on July 20.
