The Moorings has a lot going for it. The location is excellent, right in town and just steps to the lake, restaurants, coffee shops, etc. We had booked one of the studios. It had amazing views of the lake and mountains, was very clean and had a kitchenette and a small balcony which was a great place to sit in the mornings with our coffee/tea. Our room had AC which we really appreciated on warm days. The staff were very nice and the room was very quiet despite being right in downtown.
However, we felt like it wasn't a very good value for the price.
We usually stay next door at the Lakeside Apartments. Those units are much bigger (huge luxury 1 BR apartments with full kitchens, in-unit washer/dryers, and large balconies/patios) for almost the same price: it's $375 NZD for a studio at the Moorings and $379 NZD for a 1BR apartment on the pool level (not as good a view) at Lakeside.
Also, our room at the Moorings had a few quirks. The door to the adjoining room couldn't be locked so we ended up moving a desk in front of it. There's also some obvious wear & tear (marks in the bathroom and on the walls) and quirks (the bathroom sink is almost at knee level). In addition, they were not offering daily service to the rooms due to a staffing shortage. There is free parking but the lot was pretty cramped and took some careful navigating to get in and out of.
Overall, the Moorings is a great option, just not at the price that we paid.