The first ever modular hotel designed in New Zealand has been sold by Wayne Keene and Paul Dixon of Bayleys Real Estate for NZ$18.4 million.

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Source: Bayleys Real Estate

Previously named Cosa Hotel and now branded Carnmore Hotel Christchurch, Bayleys took the property to the market in 2021 as a Freehold Going Concern.

The 5-level property is comfortably positioned in Christchurch’s 4-star market, approximately 300 metres from the new convention centre, and comprises 88 rooms, as well as conference facility and café/restaurant and fully licensed bar area.

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Source: Bayleys Real Estate

The hotel also includes a fully self-contained two-bedroom manager’s apartment, guest gymnasium, staff room with shower room, and seven parking spaces to the rear of the building.

Speaking to The Hotel Conversation, Wayne Keene said there was a reasonable amount of enquiry during the campaign, with two serious buyers emerging, one local and the other offshore.

“The eventual buyer was an investor from Thailand,” Wayne told The Hotel Conversation. “This is their second hotel in NZ, the other being Auckland.”

Due diligence took place partially during New Zealand’s lockdown, however local assistance from local Management Company, Carnmore Holdings, was handy.

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Source: Bayleys Real Estate

The hotel is New Zealand’s first locally designed modular hotel, built by TLC Modular. Each hotel room was built in Vietnam and shipped to NZ, where they were then stacked onto and connected above the ground floor common areas.

To request a sales analysis please contact the selling agents Wayne Keene and Paul Dixon of Bayleys Real Estate via the below contact details.

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