US magnate plans luxury NZ lodge
Monday 23 February 2004
QUEENSTOWN - A former hotelier and casino-owner in the US is planning an exclusive luxury lodge at Gibbston Valley, complete with a salmon-stocked pond for anglers.
By The LandlordPhil Griffith, who has a substantial stake in Queenstown's Wharf Casino and the award-winning Gibbston Valley Winery, will fly high-profile US architects from New Orleans next month to look at the site.
The lodge will be established on former Glenroy Station land 27km east of Queenstown.
Griffith, who has sold his five casinos in Las Vegas, Reno (Nevada), Colorado and Mississippi and his 35-storey Las Vegas hotel, paid well over $1 million for the site.
"It'll be very upscale accommodation with its own chef, a very expensive wine cellar of New Zealand wines - it'll be in the $1000-a-night range plus to stay there," said Mike Stone, a business partner of Griffith.
Read More - Opens in a new window
Commenting is closed
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.