According to the receiver's report, Queenstown Lodge and Apartments Ltd owes $10.7 million to Equitable and $7.2 million to Dorchester Finance Ltd, both secured creditors.
The Fernhill complex also owes just over $162,000 to the Internal Revenue Department, staff and suppliers pre-receivership.
The property has 130 beds in 56 rooms, together with four self-contained apartments, licensed restaurant and bar, lounge-games room, spa and sauna complex, and reception area.
The lodge was constructed in the mid-1980s for Contiki and still accommodates Contiki travellers.
The lodge was valued at $6.8 million in December 2008.
Joint receiver Trevor Thornton, of Christchurch, said he was seeking offers for the lodge.
"The property traded through the summer and traded well.
All staff kept their jobs.
There's been no redundancies, and now the property is available for purchase."
The lodge is on a 1.25ha freehold site with an additional 932sq m parcel of land also offered with the property, which is being marketed by Bayleys Real Estate and Jones Lang LaSalle Hotels, under instruction from the receivers.
The land zoning is high-density.
Mr Thornton said the lodge was owned by Christchurch property owner John Leeder, who also owned Gold Ridge Hotel under a company of the same name.
Receiver Grant Thornton sold the Gold Ridge Hotel to Dorchester Finance for an undisclosed sum earlier this year, he said.
Jones Lang LaSalle Hotels national director Dean Humphries said that despite market conditions, there were no hotels for sale in Queenstown.
"This is due largely to the fact that most hotel owners are well capitalised and are long-term investors.
This property offers immediate vacant possession, as opposed to most hotel assets which are normally tied into long-term management or lease contracts," Mr Humphries said.
Bayleys Real Estate senior sales consultant Michael Pleciak said Queenstown Lodge property had "unlimited potential".
It could be modernised or converted into an exclusive lodge status, or the new owner could refocus on the budget accommodation market, he said.
Marketing agent Barry Robertson, of Bayleys Queenstown, said the high-density zoning opened the door for future developments on the site.
"This is one of the few vacant sites in the town fringe that can accommodate future tourist accommodation, while also providing a valuable long-term land holding option for those investors with a medium [or] long-term outlook of the Queenstown market," he said.
The closing date for offers is May 28.
