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$60 MILLION HOTEL FOR QUEENSTOWN

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August, 2017

Developers of a proposed $60 million hotel in central Queenstown have
made the decision to publicly notify its resource consent application.

International private equity real estate firm Pro-invest Group is seeking
consent to establish a 227-room Holiday Inn Express® on the corner of
Stanley, Sydney and Melbourne streets.

Weve been very open about our plans since announcing this project in
March, and we will continue to be transparent with the Queenstown
community, says Tim Sherlock, Managing Director of Pro-invest Groups
development arm Pro-invest Developments. By opting for a public
notification for our consent, it will ensure all voices are heard and
feedback is taken on board.

Since lodging the application, Pro-invest has been working through a
range of technical matters with council and continues to do so. Public
submissions will open from Wednesday, August 9, for 20 working days. A
resource consent hearing will follow in due course.

Comprising 227 guest rooms located in two three- and four-level wings,
Holiday Inn Express® Queenstown will have a maximum guest occupancy
of 450. Features of the proposed hotel include a fitness centre, meeting
and laundry facilities, and the Great Room a space for meetings,
cocktail functions and networking plus a complimentary guest
breakfast buffet and a grab-and-go-style market pantry.

The much-needed extra hotel rooms have been welcomed by the
tourism industry, with Tourism Industry Aotearoa and Destination
Queenstown both supporting the plans when the project was
announced.

Designed by acclaimed Queenstown architect Preston Stevens of
McAuliffe Stevens, the proposed hotel combines various abstract
elements that are representative of the resorts landscape history.

More than 750 jobs will be generated during construction and
approximately 15 further jobs will be created for hotel staff on
completion. The hotel will also provide onsite living accommodation for
the majority of its permanent employees.

Sherlock adds: We are committed to achieving a great outcome for
Queenstown and the Southern Lakes region generally by providing a
hotel that focuses on high-quality design with facilities targeted to
visitors needs.

Holiday Inn Express® is a global hotel brand of one of the worlds
leading hotel companies, InterContinental Hotels Group (IHG). Holiday
Inn Express® Queenstown is part of a comprehensive portfolio of 15
Holiday Inn Express® properties in Australia and New Zealand which will
be operated by Pro-invest Group under a franchise agreement with IHG.

Pro-invest Group has recently announced its second Holiday Inn
Express® hotel for New Zealand, in Aucklands CBD, and is planning to
expand its portfolio in other NZ centres.