Nestled in a secluded spot high above the Shotover River with stunning mountain views, Nugget Point Hotel is the closest hotel to the Coronet Peak ski area while also being just a seven-minute drive from central Queenstown.

Underpinned by a more than 8,000-square-metre site at fast-growing Arthurs Point, it features 40 spacious guest rooms, all with private balconies or patios, plus impressive food and beverage areas, a Roman-style spa, conference rooms, a fitness centre, squash courts and a private cinema.

The hotel’s expansive dining room and bar facility overlooking the river and Coronet Peak lays claim to being one of the finest in Queenstown.

Public spaces with antique-style furniture, pitched and beamed ceilings and stacked stone accents add to its opulent style.

“Constructed in the Eighties when Queenstown was far from the sophisticated international visitor destination we know today, this groundbreaking resort was ahead of its time,” says Bayleys Investment Sales Director Paul Dixon.

“It was one of the town’s first boutique luxury hotels and its secluded and picturesque setting gave it an almost unrivalled status as a destination resort.

“Decades later, the property retains all the attributes required for a high-end provider of accommodation and resort facilities. The quality of the structure, the views and serene location, and the size of the rooms, mean it still has fantastic bones.

“When its previous owner put it up for sale this year, an opportunity arose for new owners to invest in restoring this resort to its former glory and to realise the site’s full potential for the future,” Dixon says.

A high-calibre specialist team from Bayleys featuring Dixon, along with National Hotels, Tourism and Leisure Sales Director Wayne Keene and Queenstown-based salesperson Allister Simpson, was engaged to find a buyer for Nugget Point Hotel, located at 146 Arthurs Point Road.

The team facilitated an off-market sale to Singapore/New Zealand buyer New Bay Group for circa $20 million, which settled in September. For New Bay Group, Nugget Point was the latest addition to a portfolio that includes hotels in Auckland, Wellington and Tauranga.

New Bay Group has committed to an extensive refurbishment which will restore the resort to a five-star-plus standard. This will include:

• A total refresh and upgrade of the spa and its capacity,

• Refurbishment of all public areas including lobby, reception, restaurant, bar and outdoor areas,

• Building additional accommodation rooms,

• Refurbishing and upgrading the existing guest rooms.

In addition to the sale and purchase process, the Bayleys team was engaged by New Bay Group to run a hotel management selection process, attracting a number of potential parties with which the owners could enter into a hotel management agreement.

Capstone Hotel Management, a company with many years’ experience in the sector and some 14 hotels under management nationwide, was selected to operate the resort.

Keene says the property will undergo significant improvements over the next year, with a team of specialists appointed to oversee the redevelopment and full refurbishment of the hotel back to a five-star standard.

“This revitalisation will build on existing attractions including the unique setting and alpine views. With its outstanding scenic backdrop with Shotover Jet boats coming in and out of the canyon below, Nugget Point has an air of seclusion and tranquillity that is virtually unmatched in today’s Queenstown market.

“Many of the rooms, and facilities such as the restaurant, bar and new outdoor hot tubs, are designed to take maximum advantage of the views, making a stay here a truly memorable experience. The comprehensive revitalisation and extension of facilities will bring back the resort’s glory days and bring the visitor experience alive for a new generation of guests.

“The scene is now set for Nugget Point Hotel to reestablish its place as a five-star resort that’s on the radar of the most discerning guests from across New Zealand and overseas,” says Keene.