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Billion dollar hotel developments on backburner until better times

Brent Melville
Thu, 06 Aug 2020

Billion dollar hotel developments on backburner until better times
Brent Melville
Thu, 06 Aug 2020
Plans for at least 25 major hotel developments, valued at $2 billion, are gathering dust pending decisions on when, or if, construction will commence in the wake of border closures. The two dozen or so projects – all of which have been consented and financed - represent about 4,400 rooms across the country. At an estimated average build cost of $400,000 to $450,000 per room, the potential price tag for the construction sector is said to be between $1.7 billion to $2 billion.  “New Zealand was in the middle of a major commercial building b...

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