Rotorua hotels go for $43m
In the biggest deal of the year so far two Rotorua hotels sell for $43m.
CB Richard Ellis has brokered the sale of two Rotorua hotels for $43 million in the largest single New Zealand commercial property transaction year-to-date.
The hotels were the Novotel and Ibis Hotels, sold on behalf of Australian owner Tourism Asset Holdings.
CBRE Hotels New Zealand director Warren Hutt said the buyer was a New Zealand based group with substantial interests in Auckland.
Mr Hutt said the sale campaign had generated interest from local investors including several Maori groups and Asian-based investors.
Novotel Rotorua Lakeside and Hotel Ibis are situated on Tutanekai St overlooking Lake Rotorua. They share services and provide 344 rooms under the management of Accor.
The four-star Novotel opened in 1996, has 199 rooms and suites, restaurant/café, bar and lounge, conference facilities, meeting rooms, a business centre and recreation services such as an indoor thermal heat swimming pool, private spas, massage treatment rooms, beauty salon and fitness centre. The adjoining Ibis is a three-star hotel that opened in 2004 with 145 rooms, and restaurant café with lounge bar.
Late last year New Zealand recorded its largest ever hotel portfolio transaction at approximately $180 million with the sale of six hotels owned by Australian company Tourism Asset Holdings.
The hotels included Novotel and Ibis Ellerslie, Auckland, Novotel and Ibis Wellington, Ibis and Novotel in Christchurch and Novotel Queenstown. The purchaser was American based real estate investment trust Host Hotels & Resorts.
Chris Hutching
Fri, 05 Aug 2011
Fri, 05 Aug 2011
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Rotorua hotels go for $43m
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