Hospitality group New Zealand Hotel Holdings (NZHH) is divesting its nationwide portfolio of hotel assets, according to a press release by CBRE. Australia-based Green Street News estimates the portfolio’s worth at about AUD$554 million ($463.6 million). CBRE declined to comment on the value of the portfolio.
The portfolio comprises several notable assets, including 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.
The divestment presents a ‘once in a generation’ opportunity for investors to acquire high quality assets across several market segments, says CBRE. The sale will be via an international expression of interest campaign led by Michael Simpson managing director of Capital Markets, Hotels at CBRE.
“With tourism now back on a growth curve, the opportunity is here to pass on the portfolio to an investor seeking scale, geographic diversity and holistic coverage,” says NZHH chief executive Marcus Reinders.
Established in 2019, NZHH is a partnership between NZ Super Fund, Russell Property Group and the Lockwood Property Group with the aim of developing hotel assets to support domestic and international tourism in New Zealand.
“New Zealand is an aspirational travel destination, world-renowned for its stunning natural landscapes, diverse wildlife, and rich cultural heritage,” says CBRE’s Simpson. “The portfolio offers expansive coverage of all of New Zealand’s major markets, with the portfolio hotels appealing to business and leisure travellers across all market segments.”
The international campaign is slated to close on June 26.
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