4 days ago
- Business
- Otago Daily Times
Luxury suite stakes on offer
Queenstown hotel The Carlin. PHOTO: SUPPLIED
The owner of luxury Queenstown hotel The Carlin is offering shares of the building's former suites under a co-ownership model it claims is a New Zealand first.
The Hallenstein St property, which opened in early 2022 after a $30 million build by the late Kevin Carlin, is being repackaged by its Australian owner, Pablo Pty Ltd, as The Carlin Residence Club.
Buyers can own a 10% stake in any one of the building's six two-bedroom suites, one "penthouse residence" and one three-bed "presidential residence".
They will be sold on strata titles under a common ownership agreement.
Following Mr Carlin's death in late 2023, the hotel's management company and another company that owned six of the nine units were placed in receivership, with a combined debt of about $45m.
Pablo, which owned the other three units, bought the building outright in a receivership sale last year.
The repurposing is being led by New Zealand developer The Duchamp Collective and global firm Elite Alliance.
The co-ownership model allows buyers to own a portion of a vacation property.
