Peter is the Director of Hotels, Valuation & Advisory Services for New Zealand. He has considerable experience in the valuation of hotel and going concern assets having worked for a number of years in CBRE’s Auckland, Sydney and London based teams where he has been responsible for the valuation of single assets as well as considerable portfolios.

Peter has specialised expertise in the valuation of a wide range of going concern asset classes including hotels, student accommodation, backpackers, childcare centres, pubs, marinas and theme parks as well as development sites.

Peter returned from London in 2013 where he was involved in providing valuations as well as both acquisition and disposal advice to major clients on single hotel assets and portfolios including assisting in the sale of the InterContinental London Park Lane on behalf of The Crown Estate.

How did you get into the hotels industry?

After graduating from University of Auckland with a Bachelor of Property and Bachelor of Commerce I was offered a graduate position at CBRE in the hotel valuation team, at the time it seemed like the best way to utilise both my property and commerce degrees given the additional financial skills required in comparison to other fields of valuation.

This choice has served me well and I have continued working for CBRE throughout my career. The strong international presence of CBRE has allowed me to travel with the company, working in Sydney and London before returning home in 2013 to run the New Zealand hotel business.

What are some of your career highlights from your time in the industry?

The travel that comes with the job has certainly been enjoyable with destinations like Paris, Barcelona, St Petersburg and Bora Bora all being enjoyable. One particular assignment during my time in London that stands out was when CBRE sold the freehold interest in the InterContinental Park Lane on behalf of the Crown.

This was an interesting transaction partly due to the fact that the leasehold interest was simultaneously being sold which made for some interesting negotiations but also selling a property which has been held by the Royal Family since Henry VIII seized it for a hunting lodge. The proprietor on the title was ”The Queen's Most Excellent Majesty In Right Of Her Crown”!

I receive great pleasure from the varied nature in which I advise clients whether through development advice, operator selection, valuation or even assistance on disposals.

What are the biggest issues facing the hotel industry at the moment?

In New Zealand, the biggest issue currently is the inability to build new hotels and increase supply at a time of strong demand. With high land prices, a shortage of labour in the construction industry and strong competition from other property classes attracting developer attention, there continues to be a real lack of new supply in key markets.

I believe there is an opportunity to create value and control costs through creative design and innovative construction techniques. Most hotel owners in New Zealand have limited development track records and most developers don’t understand hotel ownership and prefer the traditional develop and sell nature of commercial and residential property. Perhaps through strategic partnerships these groups could share their strengths to overcome the current undersupply.

How has the industry changed in the time you have been involved with it?

The performance of the New Zealand hotel market has resulted in strong interest from international investors who previously showed very little interest in our little faraway country. With this interest has come new brands and, hopefully, the capital and skills to build new hotels.

At a wider level, the industry has adapted, as it always does, to the trends of the user (guests). This has seen the introduction of lifestyle brands and better use of technology to improve the guest experience.

What changes would you like to see over the next two to five years in the industry?

Getting walk-in business to a hotel F&B offering has been a constant goal of hoteliers and I would like to see some real wins in this regard with hotel bars and restaurants becoming the places to be for locals rather than a place to enjoy while staying at the hotel. This may require strategic partnerships with skilled operators or leasing out of F&B outlets.

What is your favourite hotel and holiday destination?

You can’t go past Fiji for the friendly staff who really make you feel at home. Having seen a lot of resorts and hotels in Fiji, and now having a young family, Paradise Cove really stands out for me as a relaxed, family friendly resort with real character.

To get in touch with Peter, see his below phone and email contact details.

See also:

Get to know Wayne Bunz of CBRE Hotels

Get to know Wayne Keene, Director of Resort Brokers NZ

Get to know Dean Humphries of Colliers International