Property Talk: where are all the hotels?
NBR reporters Sally Lindsay and Chris Hutching talk about the latest in property news in Property Talk on NBR Radio and on demand on MyNBR Radio.
A decade’s failure to build any new hotels has come home to roost with tourism pushing demand for room growth to 7% a year, yet only 1400 new beds are expected to be built in the next five years.
This equates to 5% growth (1% a year) in supply, compared with the 7% in demand.
Auckland and Queenstown are desperate for new hotels and there are few on the horizon anywhere in the country.
Auckland International Airport is one of the few companies that is preparing to build a hotel – its third within the vicinity of the airport.
Nearly half of the airport’s operating revenues come from its property activities.
The Property Council has rubbished Auckland Council’s call for public consultation over where first to develop 11,000 hectares of future urban land. It says the analysis should be stopped until the Unitary Plan hearings are finished next year and only resumed when there are property background reports and analysis on what is being proposed, how it will be paid for and the cost of infrastructure.
The ANZ Bank has taken security over the assets of the Canterbury Central Plains Water irrigation scheme to provide $140 million in funding.
The scheme’s backers also want an $8 million loan from Selwyn District Council but there are concerns over what the loan will be secured against.
Christchurch residents have finally woken up to 'draconian measures' to tag 18,000 property LIM reports with “flood risk” fromclimate change.
Christchurch mayor Lianne Dalziel is blaming Canterbury Earthquake Recovery Minister Gerry Brownlee, but it turns out the council has been working on the plans for two years.
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NBR Radio
Mon, 31 Aug 2015
Mon, 31 Aug 2015
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Property Talk: where are all the hotels?
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