One of Queenstown’s longest-established accommodation businesses – and largest – is on the market.
Pinewood Village, which has 467 beds sprawled over 36 buildings, has been owned by Roz and Rob Greig’s family for almost 30 years.
Occupying the top of Hamilton Road, just minutes from downtown, they’ve constantly developed the property to meet the market.
Originally Pinewood Motel, it turned into one of Queenstown’s first backpackers in 1990.
However three-quarters market is now group, family and budget travellers staying in motel/hotel-style accommodation.
At least 60 beds are occupied by resort workers, including Pinewood staff.
Five years ago, the family also added a bike rental and servicing depot to take advantage of the nearby Queenstown Bike Park.
For about 17 years, Roz and Rob also raised their children – Pip, Mitchey and Andrew – above the reception area.
Pip’s managed the complex for the past five years while Mitchey and Andrew, who’s now in Holland, helped to develop the property.
Rob: “We’re very proud as a family of what’s been developed over the years and the way that it’s grown, and we think we’ve adapted to the market, and in fact we’ve been a step ahead of the market, at many stages.
“It’s only going to get bigger and stronger, but it’s got to a stage where we think we’ll step back – we’re both in our late 60s – and each of the kids are really looking forward to doing their own thing.”
Rob says they’re offering an initial 10-year lease – “it’s a shorter lease but it also says that in the longer term this will be a redevelopment site”.
Local Tourism Properties.com broker Adrian Chisholm, who’s selling the lease, says “it’s an exciting opportunity for someone, perhaps an established operator that has been attempting to get into the Queenstown market, to enter all guns blazing, so to speak”.
“Land and buildings are now probably, in terms of putting a new value accommodation business together, nearly impossible in Queenstown, given the current market conditions.”
Chisholm credits the Greigs for their “very very clever business model”.
“This village effectively captures most configurations in the tourism accommodation sector.
“Anyone coming in and getting control of this business is buying a cash cow.”
Expressions of interest close on October 7.