OIO clears US firm's NZ $184m hotel deal
The Overseas Investment Office cleared US company Host Hotels&Resorts $184 million deal to buy seven hotels in this country.
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The Overseas Investment Office cleared US company Host Hotels&Resorts $184 million deal to buy seven hotels in this country.
Host Hotels&Resorts bought six of the properties from Australian company Tourism Asset Holdings and one from Accor, and said the deal included more than 1200 rooms with the purchase price representing a discount to replacement cost of about 25 to 30 percent.
The properties included Novotel hotels in Queenstown, Christchurch, Auckland and Wellington, and Ibis hotels in Wellington, Christchurch and Auckland.
The OIO made its decision on January 19.
NZPA
Wed, 09 Mar 2011
Wed, 09 Mar 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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OIO clears US firm's NZ $184m hotel deal
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