But private developers of new 191-room Pullman have taken their lead from KPG partner Tainui, the commercial wing of Waikato iwi Tainui, in doing a deal with Accor.
The company had been in operation for 17 years.
The Ormiston town centre in South Auckland will serve a catchment of more than 40,000 people.
The transition to funds management cut profits but Augusta is back on track.
The property is the second acquired for the company's tourism fund.
A 2017 judgment dismissing collusion charges against Monarch Real Estate and Lodge Real Estate was successfully appealed.
High Court puts four more of Danny Cancian's companies into liquidation.
Properties sold off but rentals only fell $1.6 million.
High valuations made profits soar.
Two short leases hurt Investore's property value but investment in an existing site saw its total portfolio value rise.