Hospitality business valuation benchmarks for New Zealand
Hospitality business valuation evidence for New Zealand, drawn from 4,755 verified cafe, restaurant, takeaway and accommodation sales recorded by licensed NZ business brokers. Indexed price trends, median time-to-sell, recent comparables and a regional heatmap, covering ANZSIC Division H nationwide.
The state of the NZ hospitality business sales market
Accommodation and Food Services (ANZSIC Division H) is the most active SME transaction category Bizstats records, with 4,755 verified sales: cafes and restaurants, takeaway food outlets, and accommodation businesses. Auckland alone accounts for roughly 60% of all hospitality transactions, ahead of Canterbury, Bay of Plenty and Otago.
Sale prices have risen only modestly: the indexed median reached 116 by 2025, a 16% cumulative move that trails most other industries. The sector was sharply reshaped by COVID-19, and rising revenue has largely been absorbed by wage and food-cost pressure rather than flowing through to higher business values.
The standout signal is the SDE multiple index, which sits at 73, well below its baseline. Buyers are paying less per dollar of earnings than they did fifteen years ago: hospitality carries thin margins, wage and food-cost pressure, and high owner involvement, and the multiple has re-rated down to reflect that risk. Time-to-sell, by contrast, remains quick at 4 months, because the buyer pool for cafes and food outlets is broad.
Sale price and SDE multiple figures are indexed to 2010 = 100. The +% values show cumulative change since the 2010 baseline. The full dollar medians, by sub-category, are available in a Bizstats valuation report.
Indexed median hospitality sale price
Median sale price for New Zealand hospitality business transactions, indexed to 2010 = 100. The underlying dollar medians by sub-category are published in the Bizstats valuation report.
Commentary: The hospitality price index reached 116 by 2025, a 16% cumulative rise and one of the most muted across all industries. Sale prices touched 181 at their strongest. The modest trajectory reflects a sector where rising revenue has been absorbed by rising costs rather than flowing through to higher business values.
Indexed median hospitality SDE multiple
Median SDE (Seller's Discretionary Earnings) multiple paid for New Zealand hospitality businesses, indexed to 2010 = 100. The price index tracks what businesses sell for; the SDE multiple index tracks what buyers are paying per dollar of earnings. Actual multiples by sub-category are published in a Bizstats valuation report.
Commentary: The hospitality SDE multiple has structurally de-rated. The index has moved within a 73-117 band and sits at 73 by 2025, clearly below the 2010 baseline. Buyers now pay less per dollar of earnings than they did at the start of the decade, pricing in thin margins, cost volatility and the hands-on nature of cafe and restaurant ownership.
What buyers pay for in a hospitality business sale
The average split of the sale price into tangible assets, stock and intangibles (brand, customer base and other non-physical value) for NZ hospitality business transactions, year by year. Each bar is a 100% view: it shows the mix, not the dollar value.
- Tangibles
- Stock
- Intangibles
| Year | Tangibles | Stock | Intangibles |
|---|---|---|---|
| 2010 | 53% | 2% | 45% |
| 2011 | 52% | 2% | 46% |
| 2012 | 51% | 2% | 47% |
| 2013 | 49% | 2% | 49% |
| 2014 | 51% | 2% | 47% |
| 2015 | 45% | 2% | 53% |
| 2016 | 41% | 2% | 57% |
| 2017 | 40% | 2% | 58% |
| 2018 | 40% | 2% | 58% |
| 2019 | 45% | 2% | 53% |
| 2020 | 49% | 2% | 49% |
| 2021 | 29% | 2% | 69% |
| 2022 | 28% | 3% | 69% |
| 2023 | 30% | 2% | 68% |
| 2024 | 26% | 2% | 72% |
| 2025 | 32% | 2% | 66% |
Commentary: Hospitality businesses carry a heavy tangible load: commercial kitchens, fit-out, furniture and food and beverage stock. By 2025 the median sale split about 32% tangible assets, 2% stock and 66% intangibles. The intangible share has shifted from 45% in 2010 to 66% (+21 points): a licensed venue with a strong reputation and steady trade now commands more beyond its physical fit-out.
Median time-to-sell for NZ hospitality businesses
Median months from listing to unconditional sale for NZ hospitality business transactions. A leading indicator of buyer demand. Tighter time-to-sell signals stronger competition for available stock.
Commentary: Time-to-sell has stayed quick, close to 4 months in most years, peaking at 4.5 months in 2024. Cafes, takeaways and small restaurants attract a wide, accessible buyer pool, including first-time business owners, which keeps well-presented listings moving even when prices and multiples are soft.
Recent hospitality business sales in NZ
A sample of recent anonymised hospitality transactions. Each row shows ANZSIC sub-category, region, revenue, SDE and sale month, with revenue and SDE rounded to the nearest $100,000. Full anonymised comparables with exact sale prices and SDE multiples are in a Bizstats valuation report.
| ANZSIC | Region | Revenue | SDE | SDE X | Sold |
|---|---|---|---|---|---|
| Cafes and Restaurants | Auckland | $1,700,000 | $300,000 | ••• | Mar 2026 |
| Cafes and Restaurants | Auckland | $900,000 | $200,000 | ••• | Mar 2026 |
| Takeaway Food Services | Auckland | $500,000 | $100,000 | ••• | Feb 2026 |
| Takeaway Food Services | Auckland | $700,000 | $100,000 | ••• | Feb 2026 |
| Accommodation | Taranaki | $1,400,000 | $400,000 | ••• | Feb 2026 |
| Takeaway Food Services | Auckland | $400,000 | $100,000 | ••• | Feb 2026 |
| Cafes and Restaurants | Auckland | $400,000 | $200,000 | ••• | Jan 2026 |
| Accommodation | Southland | $3,000,000 | $400,000 | ••• | Jan 2026 |
| Accommodation | Otago | $600,000 | $100,000 | ••• | Dec 2025 |
| Cafes and Restaurants | Auckland | $400,000 | $100,000 | ••• | Dec 2025 |
See what they actually sold for. A Bizstats valuation report unlocks exact sale prices, SDE multiples and time-to-sell for hospitality businesses by ANZSIC sub-category.
Create a Bizstats report →Sample drawn from 4,755 verified hospitality transactions, updated as new sales are recorded by our network of licensed NZ business brokers.
Hospitality business sales by NZ region
Hospitality transaction activity and median time-to-sell mapped across New Zealand's 16 regions. Auckland dominates with 2851 recorded sales, around 60% of the national total. Switch the metric to compare regional time-to-sell, and click any region for its hospitality benchmarks.
| Region | Transactions | Median time-to-sell (months) |
|---|---|---|
| Northland | 68 | 5.5 |
| Auckland | 2851 | 3 |
| Waikato | 199 | 4 |
| Bay of Plenty | 341 | 4 |
| Gisborne | 7 | Insufficient sample |
| Taranaki | 154 | 4 |
| Manawatu | 90 | 5 |
| Hawke's Bay | 40 | 2.5 |
| Wellington | 160 | 4 |
| Tasman | 15 | 14 |
| Nelson | 115 | 4 |
| Marlborough | 28 | 7 |
| West Coast | 16 | 10 |
| Canterbury | 450 | 4 |
| Otago | 202 | 4 |
| Southland | 19 | 8 |
Put these hospitality benchmarks to work
Apply Bizstats hospitality benchmarks to a specific business: your own, a target acquisition or a comparable you're researching. Three free tools, no signup, real insights.
Work out Seller's Discretionary Earnings for a cafe, restaurant or accommodation business, step by step.
Calculate SDEStart hereApply hospitality industry multiples to your SDE and get a market value estimate in seconds.
Try for FreeCalculate the return on investment for a hospitality business purchase.
Calculate ROIHospitality business valuation FAQ
It is the busiest category Bizstats tracks: 4,755 recorded cafe, restaurant, takeaway and accommodation sales spanning every NZ region. Auckland accounts for about 60% of all sales, ahead of Canterbury, Bay of Plenty and Otago.
Only modestly. Indexed to 2010 = 100, the median hospitality sale price reached 116 by 2025, a cumulative move of 16% that trails most other industries. Rising revenue has largely been offset by rising wage and food costs rather than translating into higher business values.
The Bizstats SDE multiple index for hospitality sits below its 2010 baseline. Buyers price in thin operating margins, exposure to wage and food-cost inflation, and the high level of owner involvement most cafes and restaurants require. Lease terms, location and the strength of trading history drive much of the variation between individual businesses.
Median time-to-sell sits at roughly 4 months. Hospitality has one of the broadest buyer pools of any category, including first-time owner-operators, so well-presented businesses with clean financials and a sound lease tend to transact quickly.
Auckland leads decisively with 2851 recorded sales, followed by Canterbury (450), Bay of Plenty (341) and Otago (202). Where a region has fewer than 15 recorded sales we do not publish a time-to-sell figure, since the sample is too thin to benchmark reliably.
The dataset is updated monthly as new transactions flow in from our network of licensed New Zealand business brokers. Recorded coverage reaches back well over a decade, and the indexed trends on this page are benchmarked from 2010.
About this page
The benchmark figures, charts and recent comparables above are drawn from 4,755 verified hospitality business sales recorded by licensed NZ business brokers. The written analysis is generated from that data and reviewed by the Bizstats team, and is refreshed as new sales are recorded. These are indicative market benchmarks, not a formal valuation. See our Terms of Use.
Benchmarks last updated .
Learn more about business valuation
Guides that explain the metrics behind these hospitality benchmarks: SDE, earnings multiples, the ANZSIC classification and how market-based valuation works.
Understanding the Role of SDE in Business Valuation
One of the most widely used methods for business valuation is the capitalisation of earnings. Learn why Seller's Discretionary Earnings (SDE) is crucial for SME valuation.
Key Factors That Impact Earnings Multiples in Business Valuation
For small to medium-sized businesses (SMEs), Seller's Discretionary Earnings (SDE) is the most relevant measure when valuing a business. This is particularly true in New Zealand, where 97% of businesses have fewer than 20 employees.
How Terms and Conditions Impact the Value of a Business
Learn how the terms and conditions of a business sale can profoundly affect its value, using case studies and expert insights on key sale terms.
Value Modifiers in Business Valuation
Learn about value modifiers in business valuation and how factors like customer concentration, brand, and operational efficiency affect the final price.
Understanding ANZSIC
ANZSIC codes classify business data, simplifying your search for accurate comparables on Bizstats.
When is the Best Time to Sell my Business?
Thinking about selling your business? Remember that timing is everything! At Bizstats, we prefer a data-driven approach to business decisions.