Wellington hotels sale to Singapore company confirmed
Singapore-based Naumi Hotels has confirmed it is buying the Comfort and Quality Hotels from Wellington-based CQ Hotels.
NBR revealed earlier this week a sale was on the cards of the side-by-side hotels at Cuba St in the capital.
Naumi will complete the deal at the end of the year and, although the price for the hotels hasn’t been disclosed, they are thought to be worth about $30 million, although having a 2015 rateable value of only $8.5 million.
The sale will be one of the capital’s biggest deals this year.
The three-star Comfort and 4.5-star Quality hotels are owned by Rex Nicholls (the husband of ex-mayor Kerry Prendergast), Phil McGaveston, his company Sage Securities, Lynn King, Les Armstrong and Alan Stewart, Edwin Cooke and Timothy Holmes.
Quality and Comfort Hotels, Wellington.
“With the rise in experiential travel, New Zealand is definitely a hot favourite with millennial travellers and we see a lot of potential in Wellington for something new and vibrant and believe Naumi is the right fit,” Naumi Hotels Australia and New Zealand chief executive Gaurang Jhunjhnuwala says.
The two hotels combine the old and new. The 114-room Comfort Hotel is housed in a restored heritage building built in the early 1900s.
In 2008, the building of the Quality Hotel Wellington and CQ conference and function centre was completed to an award-winning standard of architecture. This luxurious side of the complex sits alongside the Comfort Hotel, with the conference and function centre in the middle.