Ref: Wyndham Gardens July 27, 2016 The Safari Group PO Box 99 245 Newmarket Auckland Attn: Mr Damien Taylor / Mr Rob Neil Email: Robn@safarigroup.co.nz / damient@safarigroup.co.nz Dear Sirs, Wyndham Gardens Hotel Remarkables Park, Queenstown Further to your request we now have pleasure in providing you with our comment in relation to the development with respect to effective returns as promulgated by the Safari Group and comparing them with market conditions. In particular we have reviewed the market and considered the evidence contained therein, not only to the Remarkables Park area but also extended our enquires to include Frankton and the Queenstown Central Business District. We will comment on the following: Yields Net Rate (dollars per square metre apartments). Rental per week (residential). This advice is to provide an overview of the Queenstown market and the particular driving factors with respect to location, development, hospitality and the infrastructure (roading, airport) that this is driven by. We comment as follows: T +64 9 377 3700 L1, 381 Great South Road, Ellerslie, Auckland 1051 KnightFrank.co.nz KFNZ Ltd t/a Knight Frank S. L A (REAA 2008), MREINZ
Executive Summary By way of the executive summary we have reviewed the information as provided by Safari Group in relation to the Wyndham Gardens development. This notates the various room types, coupled with the gross/nett income and the asking price. This is further analysed to reflect the sale price per square metre and the effective yield on a gross basis. We have reviewed the same and considered the wider market and note as follows: Yield Subject 6.71%-7.0% Market 4.4%-6.9% Rate/m² Subject $7014-$9084 Market* $3341-$13167 * Average Market-$6751 Rental p.w Subject $260-$365 Market* $375-$577 * Queenstown CBD-$370-$760 R:\0. HOSPITALITY\Wyndham Gardens ZQN 5.16\[Wyndham Garden Hotel Queenstown -7.16.xlsx]Returns We note however that the rental market with respect to studio units has no information. Accordingly we have focused on the wider market with respect to 1, 2 and 3 bedroom apartments both within Queenstown/Frankton/Arrowtown area, and within the Queenstown Central Business District. The overall evidence is to a wider parameter than that exhibited by the subject. We also note a similar basis for the rate per square metre and the effective yield on a gross basis within the marketplace. When we consider the average market rate per square metre of $6,751 on our analysis this again is slightly below that for the subject range ($7,014 - $9,084) per square metre. Nevertheless we are cognisant that the market is appreciating and with the most recent listings these have been in excess of $9,000/m² with one albeit, an asking price at $13,167 per square metre. Our initial observation suggests that while the overall yield and rental levels would be market if not slightly behind market levels, the market rate per square at least on an average basis is perhaps to the lower parameters of the current pricing expectations to the subject. Notwithstanding the same, asking prices are to the upper parameters of the current market. We would expect that once further evidence in the market is noted, this will then confirm the asking prices on a rate per square metre and yield as applicable to the subject property. Wyndham Gardens, Queenstown Page 2
Development Brief At this time the property is greenfields and the intention is to develop two structures which are detailed as follows: T40 B -Residential Basement 28 Carparks/Storage Ground Lobby 1 Bedroom 5 2 Bedroom 6 External Carparks 19 Levels 1-4 per Floor 1 Bedroom 4 2 Bedroom 11 Total Keys 71 T 40A-Hotel Ground Retail 8 Lobby 1 External Carparks 23 Level 1-3 per Floor Hotel Rooms 11 Studio 6 Executive Studio 3 1 Bedroom 3 Executive 1 Bedroom 4 Total Keys 81 Wyndham Garden Hotel Queenstown 7.16/Layout The T40B structure incorporates a four level property plus ground with basement carparking/storage areas. This is residential. The other property, namely T40A (Hotel) extends to ground level plus three upper levels. The ground level incorporating the retail along with the lobby for the hotel proper. Wyndham Gardens, Queenstown Page 3
The balance of the levels incorporate the hotel rooms, studio, executive studio, one bedroom and executive one bedroom. This does not have basement level carparking although there are external carparks (23). From plans provided, we note the following: Site Area T40A Ground Floor 970 square metres T40B Ground Floor 810 square metres With the extensions to the overall development : T40B floor area 5,820 square metres T40A floor area 3,240 square metres Wyndham Gardens, Queenstown Page 4
Locality The immediate locale is at this stage is Greenfields, albeit that the Remarkables Park has already a well-established retail and commercial function. The focus is the Remarkables Park Town Centre and while this lies to the south east of the subject site, the overall area as provided by the Remarkables Park Plan incorporates an industrial area (Shotover/Frankton) to the north-western area beyond the airport. There is also a development which is currently being constructed called Five Mile. The Five Mile development is adjacent to State Highway 6 and extends to a 25,000 m² retail centre being Stage I. Anchor tenants include Countdown, Briscoes and Rebel Sports. We also note a further proposal by the Porter Brothers who are the developers of the Remarkables Park in an area known as Shotover Park (previously industrial). The industrial area where the proposed Pak n'save in Shotover Park is to be developed is on Glenda Drive. The intention, subject to planning approval, is to construct a supermarket incorporating Pak n'save and a Mitre 10. In the immediate area of Remarkables Park, close to the subject, there are proposals as already discussed incorporating a new high school and the proposed convention centre. At this stage, while planning consents have been applied for, general progress for the convention centre at this time, on hold. Wyndham Gardens, Queenstown Page 5
In the consideration of the market parameters for the subject property, we have considered the wider apartment market within Queenstown, and also properties within the subject and the nearby Ramada. We note that sales within the subject are in effect the primary sales and sold off plans. While this may vary with secondary or in fact tertiary sales, the background evidence from the Queenstown market suggests that pricing from a rate per square metre is similar. We have considered similar apartment properties where available in Queenstown and also considered the subject where these ones were sold at the same level. We have analysed these to reflect a net rate given the apartment only and not included the carparking as evident in some sales. Further we have analysed sales on both a net and gross return basis. We have also reviewed the market of apartment sales within Queenstown and note as follows: General From a hotel perspective, while the Ramada is the only accommodation property within the Remarkables Park at present, the other feature development which, while somewhat removed from Remarkables Park is the Kawarau Hotel and the adjoining Hilton Hotel. These compete to a superior level compared with the Ramada and eventually with the Wyndham. In our view, these should allow for what is referred to as induced marketing in order to allow for potential guests to have a choice in the immediate area. Finally, we considered the proximity of the Queenstown Central Business District (20 minutes) and its associated accommodation, commercial and retail properties. This is some nine kilometres to the south along Frankton Road. While preference is for a hotel in the Queenstown CBD, the subject area has ready proximity to the QIA. From a competition aspect, this is limited when comparing the different locales. Wyndham Gardens, Queenstown Page 6
Market Overview - Queenstown Queenstown lies in the Central Lakes District of the South Island. It borders Fiordland and Mt Aspiring National Parks. It is approximately one hour and 50 minutes to the south of Auckland (flying time). More particularly, Queenstown is regarded as the international tourism icon for New Zealand given its mountain scenery, adventure tourism and other travel opportunities. Queenstown has developed as a tourism resort with a focus on all types of accommodation. While this report deals with the Wyndham Gardens Hotel, other markets include: Motels. Motor Inns. Serviced Apartments. All suites hotels. Resort parks. From an international perspective, Queenstown is three hours from Sydney, three and a half hours from Brisbane or two and a half hours from Melbourne. We also note that with the increasing arrivals to Queenstown, the QIA operating company notes total passengers through Queenstown Airport for the year ended May 2016 were 1,632,893. This showing a 17.68% growth in a similar period for year ended May 2015. We summate the arrivals as follows: Y.E May 2015 Y.E May 2016 Change PAX Numbers Through Airport 1387538 1632893 17.68% PAX Arrivals 681111 801640 17.70% PAX -Domestic-Arrivals Departure 997715 1162804 16.55% PAX-International Arrivals Departure 389823 470089 20.59% R:\Hospitality\Ramada Hotel ZQN-9.14/Reformated T 21 Ramada Valuation Remarkables Sales Sch Admin 07 09 14-6 0% Retail From a New Zealand tourism perspective, the international arrivals to New Zealand for the year ended May 2016 being: 3,291,128 with the majority being from Australia (1,361,168). While holidaying (vacation) represented 1,680,400, this was followed closely by VFR at 979,552. Overall, we have seen a strong increase in overall tourism numbers and this is reflected in a similar period for the year end May 2015 of 2,977,015. The increased tourist numbers has a direct impact on the overall economy of Queenstown and as such the property market. This increased level of tourism has resulted in an increase in occupancy rates, room and rental rates. Wyndham Gardens, Queenstown Page 7
Market We have considered not only the wider Queenstown market but also sales in the nearby Ramada Queenstown which offers a similar development scenario. We have also reviewed sales within the subject and analysed these on a rate per square metre, annual gross income (projected) and a per week rental. We note the asking prices within the Wyndham are as follows: Type Area-m² Sale Price Rate/m² Projected Annual Income- Per Week Yield 1 Bedroom Executive 39 $273,542 $7,014 $16,500 $317 6.03% Studio 28 $236,046 $8,430 $14,000 $269 5.93% 1 Bedroom 34 $236,046 $6,943 $16,500 $317 6.99% Executive Studio 34 $249,307 $7,333 $15,000 $288 6.02% Hotel Room 22 $199,855 $9,084 $12,000 $231 6.00% Estimated Income 2 Bedroom 70 $627,000 $8,957 $30,000 $600 4.78% 1 Bedroom 50 $455,000 $9,100 $21,250 $425 4.67% 2 Bedroom -Deluxe 76 $679,000 $8,934 $31,250 $625 4.60% 2 Bedroom plus Study 81 $712,000 $8,790 $32,500 $650 4.56% 2 Bedroom plus Study 81 $728,000 $8,988 $32,500 $650 4.46% R:\0. HOSPITALITY\Wyndham Gardens ZQN 5.16\[Wyndham Garden Hotel Queenstown -7.16.xlsx]Sales Wyndham While we have taken a snapshot of the subject properties available, not only within the hotel pool but also the residential apartments, these confirm a range between $7,014 per square metre - $9,084 per square metre. When analysed on a rental on a per weekly basis this reflects between $231- $650 per week. Wyndham Gardens, Queenstown Page 8
Bonds We have had recourse to Housing New Zealand and Tenancy Services and note that rental bonds received for the Queenstown/Frankton and Arrowtown areas as effective from January 1,2016 through to June 30, 2016 reflect as follows: Apartments-Weekly Rentals -Queenstown Bedrooms Lower Quartile Median Upper Quartile 1 $300 $375 $437 2 $500 $500 $650 3 $550 $577 $750 We note the nearby Ramada Queenstown which is now trading (as at June 13, 2016), although these sales were effected during 2015. We note as follows: Type Area Sale Price Rate/m² Projected Annual Income- Per Week Yield - 1 Bedroom 43 $267,200 $6,214 $17,500 $337 6.55% 1 Bedroom 36 $267,200 $7,422 $17,500 $337 6.55% Studio 28 $197,842 $7,066 $13,000 $250 6.57% 2 Bedroom 70 $450,000 $6,429 $30,040 $578 6.68% 2 Bedroom Executive 95 $530,000 $5,579 $35,540 $683 6.71% 2 Bedroom 64 $450,000 $7,031 $30,040 $578 6.68% 2 Bedroom 73 $450,000 $6,164 $30,040 $578 6.68% R:\0. HOSPITALITY\Wyndham Gardens ZQN 5.16\[Wyndham Garden Hotel Queenstown -7.16.xlsx]Sales Ramada ZQN While it is evident that the rate per square metre is to a lesser level than that sought by the Wyndham sales, the overall weekly rentals for the Ramada reflects a range between $250 per week for a studio up to $683 per week for a 2 bedroom plus study. We note also that the effective yields are similar around 6.63% (average). Given the properties are operated as a hotel, then the returns as noted in the sales schedule need to be supported by the revenue stream as applicable to either the Ramada within the Remarkables Park or in fact the subject Wyndham Gardens. From an overall market perspective with respect to investors within Queenstown, non resident Queenstown vendors have perhaps optimistic expectations of market levels given the influence from the Auckland market. The market has been assisted by declining interest rates. While the residential market within Queenstown has shown strong demand with property across all sectors, Arrowtown has shown the strongest growth in the residential market in the Wakatipu Basin. With respect to apartments, there is an increased level of demand, particularly for well located properties. Wyndham Gardens, Queenstown Page 9
Notwithstanding the same, with the hiatus in the apartment market within Queenstown as a result of the GFC during 2008, properties are continuing to recover from these levels. Nevertheless with the success of the Ramada and we expect a similar level of buyer demand for the Wyndham Gardens. With ready buyer interest within the wider Queenstown market given Queenstown s iconic status and its tourism mecca then investors particularly from a hotel perspective should enjoy increasing confidence. Wyndham Gardens, Queenstown Page 10
Property Market Whilst still tightly held, the commercial, industrial and residential property markets have experienced significantly improved market sentiment and sale volumes during the last two years as compared to immediately following the Global Financial Crisis. This is due to increased demand from already resident people and those looking to move to the area. With the improved residential demand in turn having a positive impact on the commercial sectors as population increases and more positive business sentiment cause increased requirements for additional business premises. In particular, we have seen an overall increase in activity within the real estate market in Queenstown. This has been reflected not only in an increase in value but also a decrease in the length of time to sell. The number of transactions occurring has increased though properties are generally tightly. We do note other commercial developments within the area incorporating: The Landings. Five Mile. Shotover Park. These all underpin the overall qualitative nature of the market at this time. Demand for residential property including sections, apartments, townhouses and dwellings has continued to remain strong during 2016 to date. In particular demand for sections within the Shotover Country residential development are currently out stripping supply. This has had a flow on affect to Jacks Point with a strong number of sales. Rental accommodation in Queenstown has seen strong demand with increases in rental rates over the last 12 months with a number of investors purchasing rental property. A number of these investors are now using Book a Bach and Air B n B as a means of managing the properties and increasing their returns. With respect to apartments, there is an increased level of demand, particularly for well-located property. Notwithstanding the same, with the hiatus in the apartment market within Queenstown as a result of the GFC during 2008, properties are continuing to recover from these levels. Nevertheless with the success of the subject and the Ramada investors should enjoy increasing confidence. We note the following sales: Wyndham Gardens, Queenstown Page 11
Address Area Bedroom Aream² Return Rental Net Return Sale Date Sale Price Comments Rate/m² Apt Only Rate/m² 323/21 Stanley 507/8 Duke Street 416/8 Duke Street 417/8 Duke Street 207/21 Stanley Street Queenstown Studio 30 6.00% Feb-16 $205,000 Studio apartment on top floor of managed Scenic Suites. Indicated 6.0% return. Owners permitted 28 days usage. Smaller than the subject with no indicated carpark however provides a good indication of the upper range level for the net return for this type of property. Queenstown Studio 41 Jan-16 $250,000 Managed hotel apartment located on the 5th floor of the Sofitel Hotel. Central Queenstown location. Modern construction. 28 days usage permitted per year. Queenstown Studio 41 6.00% Mar-16 $271,000 Located on the 4th floor of the Sofitel Hotel. Central Queenstown location. Modern construction. 28 days usage permitted per year. Indicated net return 6.0%. Queenstown Studio 43 Apr-16 $295,000 Located on the 4th floor of the Sofitel Hotel. Central Queenstown location. Modern construction. Includes balcony. 28 days usage permitted per year. Queenstown One 60 5.00% Jun-16 $305,000 A one bedroom, one bathroom apartment of recent construction being located within the managed Scenic Suite apartments. Owners permitted 28 days usage per year. Indicated over 5.0% net returns. $6,833 $6,098 $6,610 $6,860 $5,083 T +64 9 377 3700 L1, 381 Great South Road, Ellerslie, Auckland 1051 KnightFrank.co.nz KFNZ Ltd t/a Knight Frank S. L A (REAA 2008), MREINZ
Address Area Bedroom Aream² Return Rental Net Return Sale Date Sale Price Comments Rate/m² Apt Only Rate/m² 68D/301 Thompson St Queenstown Two 81 6.90% Circa $30,000 Jun-16 $435,000 Two bedroom, two bathroom centrally located managed apartment. Further kitchen and laundry. Carport included. Common facilities include gym, spa and BBQ area. $5,370 D.1.2 527-543 Frankton Road 306/1 Beethan Street 22/110 Frankton Rd 68S/301 Thompson St 9/16 Kent Street Queenstown One 52 5.36% $26,000 Asking $485,000 Apartment under construction within the Residence Du Lac complex. Queenstown Two 90 Apr-16 $495,000 A 2000's era ground floor apartment with outlook to other apartments only. Queenstown Two 154 6.57% $33,800 Jan-16 $514,500 Pounamu apartment complex with Lake views. Queenstown Two 89 5.70% Circa $30,000 May-16 $525,000 Two bedroom, two bathroom centrally located managed apartment. Further kitchen and laundry. Carport included. Common facilities include gym, spa and BBQ area. High Body Corporate charges resulting in lower sale value. Queenstown Two 82 6.26% $33,800 5.06% Mar-16 $540,000 Modern two bedroom, two bathroom apartment within managed apartment complex. $9,327 $5,500 $3,341 $5,899 $6,402 $6,585 9/42 Hallenstein St 2/658 Frankton Rd Queenstown Three 90 5.52% $31,200 4.66% Apr-16 $565,000 Three bedroom, one bathroom apartment in 1980's complex. Refurbished. Rented at $600 per week. Queenstown Two 99 5.52% $31,200 4.54% May-16 $565,000 Tidily presented two bedroom, one bathroom apartment with single garage. Lake views. Rent per similar unit current asking rent. $6,278 $7,051 $5,707 Wyndham Gardens, Queenstown Page 13
Address Area Bedroom Aream² 19/67 Andrews Road 3/60 Hallenstein St 311/24 Hawthorne Rd Return Rental Net Return Queenstown Two 70 5.72% $33,800 Jun-16 $591,000 A recently constructed two bedroom, one bathroom apartment. Further from CBD towards Frankton. Sale Date Sale Price Comments Rate/m² Apt Only Rate/m² $8,229 $8,443 Queenstown Three 102 5.16% $31,200 4.20% Mar-16 $605,000 Three bedroom modern unit being well located for the CBD. Single garage. Frankton Two 82 Asking $635,000 Located within the subject building being the asking price for a two bedroom, one bathroom fully furnished apartment. Includes carpark. Owner has use for 180 days. $5,784 $5,931 $7,561 $7,744 52D Middleton Rd 5/103 Hallenstein St 1 Alpine Lake Dr 10/285 Frankton Rd Queenstown Two 91 May-16 $695,000 Indicated to be basement level two bedroom, two bathroom apartment under construction. Queenstown Three 126 5.42% $39,000 4.54% May-16 $720,000 Fully furnished three level, two bathroom apartment with elevated residential views. Kawarau Falls 60 4.44% $35,100 3.81% Apr-16 $790,000 Well presented and recently constructed apartment within elevated building benefiting from good lake views. Frankton Two 131 Mar-16 $835,000 A managed apartment development located below road level within close proximity to Remarkables Park. $7,637 $6,714 $5,714 $13,167 $6,374 307 Frankton Two 70 2015 $470,000 Includes carpark. $6,357 $6,714 310 Frankton Two 71 2015 $470,000 Includes carpark. $6,268 $6,620 302 Frankton Three 85 6.73% $37,040 5.81% Nov-14 $550,000 North facing three bedroom, two $6,164 $6,471 bathroom unit with deck. 311 Frankton Two 82 2015 $635,000 Includes carpark. $7,439 $7,744 309 Frankton Two 114 2015 $783,750 Includes carpark. $6,409 $6,875 308 Frankton Three 130 2015 $859,430 Includes mezzanine and carpark. $5,887 $6,611 R:\0. HOSPITALITY\Wyndham Gardens ZQN 5.16\[Wyndham Garden Hotel Queenstown -7.16.xlsx]Sales Ramada ZQN Wyndham Gardens, Queenstown Page 14
While there is a wide range in net rate we comment as regarding the sales: The recent sale in April 2016 of 1 Alpine Lake Drive being in Kawarau Falls. This being a well presented recently constructed apartment with an elevated building benefit from lake views. With a sale price of $790,000, this represented $13,167 per square metre, or a gross yield of 4.44%. A recent sale 19/67 Andrews Road in June 2016 of $591,000 for a two bedroom, one bathroom apartment which is further from the CBD towards Frankton and in near proximity to the subject represented a gross yield of 5.72%. The overall rate per square metre was $8,229 per square metre. A property of further interest is the current asking price for a property within the apartment residence Du Lac, which has an asking price of $485,000 and a gross return of 5.36%. This represents $9,327 per square metre. As an overview with the evidence in the marketplace, the level of the subject property is, while in our view, perhaps to the upper parameters of the overall market at present, certainly there are sales which are achieving rates in excess of those afforded the subject asking price. Accordingly we believe that with a continuation of the overall market conditions coupled with the strengthening tourism icon of Queenstown, then the price expectations should be achieved. We note however that the Hotel units will be subject to a long term lease to an established hotel operator (Wyndham). Therefore, whilst the property is residential in nature, it essentially is a commercial investment with the added benefit of being able to stay in the hotel for 10 days per year. In regard to the sales we note that typically nett yields for residential properties range between 4 5%, and while those subject to accommodation hotel management agreements, generally net yields are around 5.4 6%. This is similar to the subject. We believe that both types of property carry a similar risk profile from an income and building perspective. The subject properties within a hotel or other management agreements would allow a smaller pool of potential purchasers as not everyone would be content to have only use of the apartment for a short period of time each year. Therefore this smaller pool of potential purchasers and the lower level of flexibility available results in a higher level of risk and therefore higher required return. This is the case for the Wyndham Gardens. Accordingly in relation to the price expectations we must have regard to the strength of the tenant. This being the Wyndham Gardens Hotel (Wyndham Group).
Overall the accommodation market within Queenstown in recent years has seen a strong upward movement in occupancies, RevPAR and Average Daily Rate (ADR). This has been fundamental in the overall improving revenue stream with respect to hospitality in the Queenstown area. Further this is supported by its proximity to the Queenstown International Airport (QIA). As a consequence we would expect that the subject should enjoy a reasonable degree of guest demand. From a competitive aspect this is the first accommodation of this Brand in the Remarkables Park area albeit that there is the nearby Ramada and other properties in Kawarau, namely: The Hilton. The Kawarau Falls Hotel. Which are positioned approximately 3 kilometres to the south east. From a hotel perspective the main centre of competition is within the Queenstown Central Business District including: Scenic Circle Property Aurum. The St Mortiz (Accor). The Peppers Beacon. The Oaks. The Shores. Rees. Pounamu. We note that these properties are managed although not on a similar basis as the subject whereby the aforementioned properties have typically a hotel revenue stream of costs deducted according to the management contract. Overall the Queenstown accommodation market in recent years has seen strong upward movement in occupancy, RevPAR and average daily rates. This has been fundamental in the improving overall revenue stream with respect to hospitality in the Queenstown area. With occupancies in Queenstown in 2016 indicating for all hotels around 80.10% and this compares with : 3 3.5 star 83.10% 4 star 90.90% This is showing a strong increase in overall occupancies. Average Daily Rates for all hotels for 2016 indicate $175.85 as compared with: 3 3.5 star $121.71. 4 star $156.29 Please note that these are net GST. Wyndham Gardens, Queenstown Page 16
In our view the subject property may well achieve in excess of these levels given its smaller room number and its proximity to Queenstown International Airport. Typically hotel properties within Queenstown are well in excess of 100 rooms. Given its particular proximity to the QIA and the immediate locale (Remarkables Park), coupled with the retail and commercial developments and the overall trading of the hotel should be underpinned. At least initially the property will need to trade up. Wyndham Gardens, Queenstown Page 17
Summary Our approach has been to consider the wider Queenstown area with a particular emphasis to residential apartments. We have also reviewed the information in order to determine the overall effective gross returns as noted by Safari Group and the sales achieved. Overall this has been relatively consistent throughout the country with respect to these types of developments. Generally these have been effected at an overall gross return of around 6%. This is in keeping with the sales evidence noted in the Ramada and Quest developments within New Zealand and for the subject. We have analysed the asking prices with respect to net rates and yields and these fall into a similar parameter basis. In short we confirm that the asking prices by Safari Group are of a similar basis to the overall wider market. With reference to the subject properties given their particular branding and hotel pool basis, and compared to other Ramada and Quest properties which Safari have marketed and sold in other parts of New Zealand which reflected a similar level. Accordingly we confirm the value expectations, albeit at this time they are to the upper levels of the overall market, although we believe that the market will in effect catch up. As regarding the yields these are of a similar basis to those found in the balance of the marketplace. The benefit of the area is the particular location with respect to: Queenstown International Airport. Queenstown (Central Business District). Ski fields. Remarkables Park. Queenstown Iconic Tourism. As a consequence we would expect that the subject will enjoy some degree of induced marketing simply because it is positioned within Queenstown. We trust that this brief is suitable for your requirements at this stage, however if you have any further queries please do not hesitate to contact the writer. Yours faithfully Allen Beagley B.Ag.Sc, ANZIV, AREINZ, SPINZ Registered Valuer National Director - Hotels KFNZ Ltd t/a Knight Frank Direct +64 9 377 3700 Mobile +64 27 220 2033 Email allen.beagley@nz.knightfrank.com Wyndham Gardens, Queenstown Page 18