A receivership sale’s been announced for troubled Queenstown boutique property, The Carlin Hotel.
Following the death last December of developer Kevin Carlin — who’d opened the lavish seven-level hotel, built for about $30 million, in early 2022 — both the management company and a company owning six of the nine units were placed in receivership.
Their combined debt was about $45m.
The receivers were appointed in February by Pablo (Aust) Pty Ltd, which held securities over the land, building and business of the companies, and also owned the other three units.
The receivers’ first report into Queenstown Views Villas Ltd said it owed $28.3m to Pablo and the first receivers’ report into Carlin Hotel Property Management Ltd said it owed Pablo $12.5m.
The latter report said since the opening ‘‘the company has sustained significant trading losses and cashflow constraints which have impacted its future viability’’.
That first report, however, said the land and building, including the fit-out, had a book value of $26,040,000.
Meanwhile, the property’s rateable value — aggregating all nine units — is $12,465,000.
The Hallenstein St hotel’s now being offered to the market by Colliers Queenstown’s Mark Simpson and Barry Robertson.
They’ve been appointed by Diana Matchett and Colin Gower, of BDO Christchurch, the joint receivers and managers of Queenstown Views Villas and Carlin Hotel Property Management, together with Pablo.
The property’s for sale by deadline private treaty, closing August 8.
It comprises nine individual unit titles with 16 rooms, including large terrace areas, and also includes a restaurant and bar, gym and basement carparking.
Colliers director Simpson says: ‘‘This is a premium accommodation asset in a highly sought-after location.
‘‘It sits overlooking the centre of Queenstown and with the property being held in separate unit titles, it will provide a multitude of ownership options for prospective investors and occupiers to consider.
‘‘They could be purchased individually, or in one line (all nine units), with vacant possession allowing immediate occupation.’’
In March last year, Carlin had put the property up for sale with an asking price of about $35m, with the idea he’d lease it back from a new owner.
