Billion dollar hotel developments on backburner until better times

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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