Palmerston North's 72-room and 4.5 star rated Hotel Coachman catering to business travellers, the local wedding scene and a burgeoning provincial tourism market is now for sale with vacant possession.
"This is arguably Palmerston North's most popular hotel and event facility," says Dean Humphries, national director of hotels at Colliers International, who is exclusively marketing 140 Fitzherbert Ave for sale via an expressions of interest campaign closing at 4pm Wednesday November 15 unless it sells earlier by negotiation.
"The Hotel Coachman is strategically situated on a prime freehold site of 7058sq m bound by Fitzherbert Ave, Chaytor and College Sts," Humphries says.
"It encompasses a mix of well-appointed hotel and motel rooms; an award-winning restaurant and bar; four function rooms and a range of recreational facilities. The hotel's well-manicured gardens also feature heavily in the local wedding scene.
"The hotel is just 800m from the city centre and is well-patronised by corporate and business travellers, as well as catering to sports teams and other guests attending special events."
Humphries says the Hotel Coachman has 42 hotel rooms, 29 motel units and a standalone two-bedroom villa.
The 4239sq m Tudor-style hotel was built in 1986 over three levels with hotel guest rooms
Its well-appointed guest rooms include 30 standard rooms each 25sq m each, 10 deluxe rooms of 26sq m, and two first-floor executive suites of 48sq m and 68sq m respectively.
"All are presented to a high standard, in keeping with the building's traditional features, and feature in-room phones and Wi-Fi access," says Humphries.
"The standard rooms have queen-sized beds, while the deluxe and executive rooms contain king size beds. Most rooms have wall heaters, while the third-floor deluxe rooms are air conditioned."
The 1530sq m and two levels motel complex was built in 1969 and progressively extended and upgraded between 1973 and 2009. It has 23 studio units of between 20sq m and 29sq m, and six family units of 38sq m. All but six of the studio units are self-contained with kitchenette and bathroom facilities.
The standalone villa, occupying about 214sq m at the southern end of the site, was built in 1975.
"This fully self-contained, two-level building offers a spacious living area, two bedrooms, a kitchen, a bathroom, air conditioning, and a private balcony overlooking the hotel garden," Humphries says.
All the guest rooms are serviced by a main hotel lobby with 24-hour reception desk accessed from Fitzherbert Ave.
"The lobby is presented to a high standard with marble tiles and carpet flooring, soft recessed ceiling lights, and extensive use of rimu joinery.
"A feature staircase in the lobby provides access to the hotel's upper floors, while a passenger lift is also provided in the corridor to the rear of the reception area."
Guest facilities include a gymnasium, outdoor swimming pool, indoor and outdoor spa pools, and a guest laundry with coin-operated washing machines.
On-site parking comprises 40 secure basement car parks beneath the hotel and 22 open air car parks.
"The hotel's La Patio cafe and bar is a popular local dining venue in its own right with both indoor and alfresco seating," Humphries says.
The hotel's four function spaces can cater for events of up to 250 delegates, with additional capacity utilising the restaurant.
The 45sq m McKelvie Room, 152sq m Hunterville Room and Bar, and 24sq m La Patio Club Room, located on the ground floor, can be opened to form one large open-plan event space.
Access to the hotel's picturesque gardens is via the McKelvie Room and Hunterville Bar while the 80sq m Green Room, located on the second floor, looks out over the garden.
Back of house facilities include management and staff offices, an in-house laundry area with multiple commercial-grade washing machines, and a commercial kitchen.
A retail tenancy within a two-level freestanding building is occupied by a hairdressing salon which provides additional income.
Humphries says the property comprises five freehold titles which allows for multiple options.
"The garden villa takes up little of its 809sq m title, which could either be used to expand the hotel or subdivide and divest," he says.
"In addition, the hotel and motel buildings are situated on separate titles, offering the possibility of splitting these assets."
Humphries says there's increased level of interest in provincial tourism accommodation assets. "Furthermore, savvy investors are now realising that provincial hotels are excellent value for money, offering significantly higher investment returns - in some cases in excess of 10 per cent per annum - underpinned by strong revenues and profit bases."