The wooden-hulled motor launch Faith, built in Scotland in 1935, was transported by road from Bluff to Te Anau on Thursday and launched on the lake yesterday.
The boat has had various owners since its arrival in New Zealand in the late 1970s and was most recently used as a charter vessel in Marlborough.
It was bought in March by Faith in Fiordland, a company headed by French-based Kiwi entrepreneur Mark Ormeland.
Another of his companies owns and operates Te Anau Lodge.
Some refurbishment was carried out in Blenheim before Faith was sailed to Bluff for repairs and maintenance and a repaint, Te Anau Lodge operations manager Adam Butcher said.
The aim of the purchase was to give tourists something more to do in Te Anau and make the town a destination in its own right, he said.
The renovations had been completed to a very high standard to ensure a secure and comfortable ride for passengers, Mr Butcher said.
''We've probably done more than we needed to, but we see this as a long-term investment.''
Although the boat had multiple cabins and the potential for overnight voyages, the plan was to offer daytime cruises at first, he said.
The company had consent for lake cruises but no date had been set for cruises to begin, Mr Butcher said.
''We will take her on some proving runs first and see what she is capable of. We want to make sure we don't overpromise before we begin taking passengers.''
