The grand old property on Martinborough Square has been a town focal point since it was built in 1882.
Original developer Edmund Buckeridge boasted at the time that it was ‘‘one of the finest hostelries ever erected in any inland town in New Zealand’’.
It was fully restored by owners Mike and Sally Laven, who bought what used to be a rundown pub in 1995 and started a $2 million restoration and expansion project, in an inspirational show of confidence that gave the township a great fillip and a standard of accommodation it had never seen before.
Five new rooms were built in 2000 to cater for group and conference business and in 2003 the conference and function rooms were expanded. The hotel has 16 guest rooms, a 90-seat restaurant and a public bar.
Mr Laven, a property specialist who also developed Martinborough’s Wine Centre and came up with the Great New Zealand Wine Trail concept, said the hotel had lifted the game in Martinborough.
Despite its big-city hotel prices, it has an occupancy rate of about 50 per cent, concentrated from September to April, and about half its guests are foreign tourists.
‘‘It’s been fantastic and Martinborough’s changed a lot. We’ve had the hotel for a long time and it’s been very much part of our lives but we’ve now got other things to work on,’’ said Mr Laven.
Michelle Spiers, of Colliers International, who is marketing the property with Peter Wilkin, said it was a top-quality hotel offering character, comfort and old-style personal attention.
It had an excellent mix of business income from accommodation, food and beverage, and conferences, weddings and functions.
In 2005, Martinborough Hotel joined Pep pers Retreats and Resorts, a member of the Mantra Group. This provides both a market ing and sales network and resource opportunities. A contract is in place for the provision of food and beverages.
The hotel had a projected net annual in come of about $252,000 plus GST and the asking price was $2.95 million plus GST, Ms Spiers said.
Martinborough is a popular weekend desti nation for many Wellingtonians and its annual Toast Martinborough wine and food festival and fairs draw thousands of visitors
"‘This is a chance to buy a unique charac ter building, service the hotel accommodation and receive the rental from the independent bar and restaurant,"’ said Ms Spiers.
Mr Wilkin said it was a chance for some body looking for a lifestyle business in a pros perous wine community within an hour’s commuting distance of Wellington.
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