College chief executive Charlie Phillips yesterday confirmed the purchase but declined to disclose the price paid for the lodge.
It was valued at $6.8 million in December last year, when it was placed in receivership.
In the past, the college has leased apartments around town to house students, but the purchase of the lodge has allowed it to take the first step towards its long-term goal of creating a student campus in Queenstown.
The hall of residence, named QRC Lodge, will house 61 ensuite rooms for students, who will pay $260 a week for a twin-share room, or $320 to $350 a week for a single room, including power and meals.
The lodge includes a community kitchen, which can also be used as a training facility.
"We will be ready to welcome the first students to the lodge from January 4," Mr Phillips said.
