Westwood Group Holdings Ltd chairman Tony Butson fulfilled his long-held ambition to cut the ribbon of a new building on Friday, to the applause of more than 140 tenants, project partners and guests.
Queenstown Lakes Mayor Clive Geddes said Westwood Group had delivered "an extraordinary asset for the town".
On behalf of the community, he congratulated the developers "for taking the care, trouble and money to produce a building we can all be proud of".
Mr Butson and operations director Johnny Stevenson welcomed all 16 tenants.
They include Quiksilver, Kathmandu, Betty's Liquor Store, Andrea Moore, OC Jewellers and Night'n Day on the ground floor, with Rees St Delicatessen, Heaven, Magnolia, Lots For Tots and Art Bay Gallery on the first floor.
The second floor will be home for Global Publications Ltd, publishers of the Lakes Weekly Bulletin, Southern Public Relations and Browns Sothebys Realty.
The third floor will be taken up by Good Group Ltd and St George Trust.
A lease on the second floor remains available, until another tenant has an option on it in two years.
The original Mountaineer Hotel, which dates back to 1885, was bought for $6 million by Westwood Group from a consortium of four Queenstown business people in 2003.
Resource consents and preparations took a further two years.
The $24 million construction phase began in 2007, behind the protected facade on the corner of Rees and Beach Sts, and on the new building, designed by Queenstown and Auckland-based Walker Architects, on the corner of Rees and Shotover Sts.
Stone corners of the original hotel stand preserved in the atrium and historical timber was reused for the atrium's slats and in the delicatessen.
Hundreds of bargain-hunting shoppers and curious residents entered the complex during its first official day of trading on Saturday.
Complimentary mini-muffins and discounted coffees were offered to patrons while radio station More FM broadcast live.
