The Jhunjhnuwala family is responsible for the first newly-built hotel in Christchurch after the earthquakes of 2010/11 - a $40 million luxury hotel with 86 rooms.
The company will also build the first substantial hotel accommodation in the earthquake-hit South Island coastal tourist town of Kaikoura - a 4.5-star hotel costing the family $30 million and offering 118 guest rooms, a restaurant and bar, conference facilities, and a gym and pool. It is scheduled to open during the summer of 2019/20.
Despite these bold local plays, Sudesh Jhunjhnuwala is eyeing an international expansion of its hotel brand after the cost of building new properties in New Zealand keeps increasing.
Jhunjhnuwala, owner and manager of Sudima Hotels and Resorts, recently said the cost of building such hotels in New Zealand was “ridiculous.”
Jhunjhnuwala told RNZ building a hotel in this country can be as much as 40% higher than in Australia.
"The cost of construction is one of the highest in the world. I can't emphasise that enough – it is ridiculous how much we pay per square metre."
He now has plans to build further hotels in Wellington, Queenstown, Sydney, Melbourne and Fiji.
The existing portfolio of Sudima hotels already developed is worth near $300m, with 40% debt gearing.The family has maintained a presence in New Zealand since 1991 and also owns several industrial properties in Auckland and Wellington that are collectively worth at least $30 million.
2018: $180 million