New Zealand Hotel Holdings Divests Portfolio Hotel Assets Worth 554 Mil
I am writing to inform you that Hospitality group New Zealand Hotel Holdings (NZHH) has recently announced their decision to sell off their nationwide portfolio of hotel assets, as reported by CBRE. This portfolio, which is estimated to be worth approximately AUD$554 million ($463.6 million) by Australia-based Green Street News, includes several well-known properties such as Four Points by Sheraton, QT Auckland, and Adina Apartment Hotel Britomart in Auckland, as well as Rydges Rotorua and Rydges Wellington, Sofitel Queenstown Hotel and Spa, and BreakFree on Cashel in Christchurch.
According to CBRE, this divestment presents a “once in a generation” opportunity for investors to acquire high quality assets across various market segments. The sale will be conducted through an international expression of interest campaign led by Michael Simpson, managing director of Capital Markets, Hotels at CBRE. However, CBRE declined to comment on the exact value of the portfolio.
NZHH’s Chief Executive Marcus Reinders stated that with tourism back on a growth curve, this is the perfect opportunity to pass on the portfolio to an investor looking for scale, geographic diversity, and comprehensive coverage. NZHH was established in 2019 as a partnership between NZ Super Fund, Russell Property Group, and the Lockwood Property Group, with the goal of developing hotel assets to support domestic and international tourism in New Zealand.
CBRE’s Simpson noted that New Zealand is a highly desirable travel destination with its breathtaking natural landscapes, diverse wildlife, and rich cultural heritage. The portfolio offers a wide range of properties in all of New Zealand’s major markets, appealing to both business and leisure travelers across all market segments. The international campaign is set to close on June 26.
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The property market in New Zealand continues to be a hot topic, with recent reports showing a significant increase in activity and interest. This move by NZHH to sell off its portfolio is just one of many developments in the market, and it will be interesting to see how this sale will impact the industry as a whole.