In an effort to buffer the cold bite of the tourism downturn, owners of 81 Spencer on Byron hotel suites are seeking to turn their investments into apartments to secure longer term tenants.

Across the hotel sector, room occupancy levels have sunk as much as 20%.

At Takapuna’s Spencer on Byron hotel, owners of 81 suites are applying to North Shore City Council to change the classification of the hotel rooms to be dual residential and hotel, to be rented out on a more permanent basis as apartments.

Merge Property Group is progressing  three apartment buildings in the capital.

Next week it will launch a marketing campaign for its latest apartment offering with an official launch to be held at the Metropol showroom on the corner of Leeds and Ghuznee Street at on Wednesday.