Property syndicator GEK Property looks to cash out at a $12 million premium to its purchase price eight years ago.
The council will lease the Albany building for at least 15 years.
It's the fund's fourth hotel investment through a joint venture.
Big plans for a Christchurch cathedral precinct rely on the NZX-listed hotel operator selling.
A new general manager development has been appointed.
First-half profit fell 68% as it works to set up the Tourism Fund product.
Higher rental income and management fees helped offset the impact.
Placement and retail offer to buy three properties for $140.75 million.
OCR cuts hurt the bottom line but lowered the average cost of debt.
Revaluation gains and warehouse demand boost profits.