High demand sparks expansion of Eichardt’s Private Hotel in NZ
Eichardt’s Private Hotel overlooking Lake Wakatipu in Queenstown, New Zealand. Source: Supplied
The private hotel is already a home away from home for Australia’s business elite such as trucking magnate Lindsay Fox and investment banker Simon Mordant, but it has also accommodated Seinfeld’s Jason Alexander, and members of the Kuwait royal family — while former England Test cricketer Ian Botham is often a regular in the up-market bar, according to sources.
Upon completion of the redevelopment of the five-star hotel, Mr Cox will hold the mantle of Queenstown’s largest private owner of luxury accommodation, with 25 suites and penthouses under his Imperium resort brand.
The expansion of Eichardt’s will see the property sport eight five-star suites, including a 240sq m penthouse offered at up to $NZ10,000 ($9960) a night.
Mr Cox has taken a 25-year lease on the extension to Eichardt’s on a 781sq m site in the resort town’s CBD but would not comment on the price.
“This penthouse will be the most expensive hotel room in any city in New Zealand,’’ Mr Cox said yesterday.
Russian tourists were also showing greater interest in Queenstown, as were wealthy Middle Easterners.
“We are starting to see some growth from the Middle East market as a result of the availability of business class seats through the Qantas and Emirates code share from Sydney into Queenstown,” Mr Cox said.
Occupancies had lifted from about 40 per cent when he bought Eichardt’s Private Hotel five years ago to more than 60 per cent today.
“The challenge with small boutique hotels is it is very hard to get 100 per cent occupancy,” Mr Cox said.
“Obviously, we are talking (about) a very small yet powerful group of guests.
“These people value privacy. However, they want to be in the thick of the action and with all the amenity of home.”
Mr Cox said the capacity of Eichardt’s Private Hotel has been consistently stretched because the ultra rich and their gatekeepers have made Queenstown a must-visit destination.
A private jet terminal has opened in Queenstown to cope with the large volume of private planes frequenting the alpine town.
Source : The Australian Business Review Lisa Allen April 7th 2015
