Chief executive Paul Anderson said the skifield operator went unconditional on the property, at 11 Henry St, on Tuesday.
The Sir Cedrics Tahuna Pod Hostel has capacity for 72 people at present, but once NZSki takes possession, on March 1, renovations on the ground floor will add room for another eight.
Additionally, NZSki has consent for a staff apartment development in Fryer St to house up to 40 more people.
Mr Anderson said while they were finalising those plans at the moment, he hoped to have stage one completed by the start of next winter.
Further, the company already owned another five houses, also in Fryer St, housing up to 20 staff.
Of the decision to buy the hostel, which would be managed, Mr Anderson said it had always been difficult to find accommodation in Queenstown, "but without doubt over the last two to five years it’s got harder and harder and harder".
"It’s time to act and I’m thrilled to be able to provide [housing]," Mr Anderson said.
"We just really want to be doing our bit to help that market."
They could not provide for all staff, but the accommodations would help a "large chunk", he said.
"You talk to any employer in town at the moment, everyone’s saying how tough it is to find accommodation for staff, so we just wanted to step up and make sure we can provide it."
This year, NZSki would employ about 1000 people across its Queenstown operations. However, only about 250 or 300 would need housing.
That was because about half its employees already lived in Queenstown, and about 250 others were returning staff, who already had accommodation organised.
As to what NZSki’s new hostel would be used for during the summer months, Mr Anderson said the company had "a wee bit of thinking to do".
"It may still operate as a hostel in the summer months ... but there may be other employers who want to take a summer lease on it.
"We’ll work through those options in the coming months."
