Big bad news for Queenstown. Might have a silver lining if you are looking for somewhere up-market to stay... well... winter is coming.
Hotel prices have fallen 35% in Queenstown from a year ago. That the 3rd biggest fall in hotel prices anywhere in the world!
What does it mean?
Less money (income) - less jobs, less downstream and feeder businesses, less local economy, less completion of the big hotel projects. More Ngai Tahu unemployed.