Built as a ‘modern’ resort in the late 1980s, it’s being completely gutted in a $30million redevelopment and will reopen late this year as the rebranded Coronet Ridge Resort.
When it was bought for $20,125,000 by a subsidiary of Singaporean/New Zealand company New Bay Group in 2023, a condition of the Overseas Investment Commission approval was it upgraded the 40-room hotel to a five-star resort and spent at least $9m doing so.
New Bay Group also asked Bayleys — who, including local agent Allister Simpson, handled the off-market transaction — to select a management company.
They chose Kiwi-owned Capstone Hotel Management, which had had some involvement with earlier owners.
Capstone founder/managing director Clare Davis says "to be able to give it this amazing transformation, and to have owners that have proceeded with this investment into it, is fantastic".
"It’s going to be a premium destination for international and domestic visitors, and for locals within Queenstown also — we have a lot of locals come and use the squash courts and the spa and we look forward to them also enjoying the restaurant that’s going to be relaunched there."
Called ‘Elevation’, it’s being totally transformed with extended decks and balconies, expanding on the resort’s amazing views, Davis says.
The reception area, she adds, is being moved to where the back-of-house dining area was, to give a more welcoming sense of arrival.
There’ll be an upgraded fitness centre and private cinema and also state-of-the-art conference facilities, which Davis says should appeal for high-end corporate retreats.
The redevelopment’s being led by builder Naylor Love.
Tariffs will range from $750 a night to $3500, with "more premium room types" around $3000 a night.
Davis adds they’re already getting great feedback from the international travel trade — "they’re just really excited about it".
