We opted for the budget option in Queenstown and were perfectly content with the outcome. The view is indeed nice from the motel; however, as others have noted - a construction project is in the works across the street - which detracts from most photo opportunities. We were also awoken by revellers late at night, but it was brief.
The room was comfortable, the bed was nice, and the staff was very friendly. It was a very short walk to the city centre and harbor area - plus the gondola was a short distance away.
If in Queenstown again, I would consider the Lomond for a repeat visit; however, I might inquire about the construction project first.
Tips: Queenstown was the only location during our travels where I felt as though people were overly anxious to free us of our money - especially at the restaurants directly on the water. The view was decent and the people watching was enjoyable - but next time I would consider a restaurant with a bit more charm off the lakefront.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.