We spent 12 nights in New Zealand and the two at the Balmoral were the lowlight. While the view was magnificent and exactly as pictured, the room itself was stuffy, with mold in the heavy curtains, carpets, or both.
The Balmoral uses candles and incense and open windows to mask the room's condition; when Queenstown's colder evening temps led to closing our room's windows, the inside air not only became unpleasant, but for anyone with allergies or any respiratory issues, nearly unbreathable (note that without screens on the windows, bugs and flies also freely entered...which is not a fault of the owner/operator, just something to be aware of as a future guest).
We spent the first night weighing whether to check-out early and eat the cost of our second night (as the Hotels.com booking, done weeks earlier, was non-refundable, a red flag to us for future bookings) and only limited options (during high season, for under $400/night) prevented that outcome.
With that all said, for older couples this place may be exactly what they're after! But for us it was not. Details like a bathtub with a rounded half shower curtain were odd and the uphill location (that provided the great view) requires a fitness level for returning at night's end.