New Zealand Hotel Holdings Divests Portfolio Hotel Assets Worth 554 Mil
Suntec City to divest one-third stake to avoid ABSD impactSuntec City mall to divest one-third stake in trustSingapore-based investors snap up $1.1 bil worth of overseas commercial assets
In a recent press release by CBRE, it was announced that New Zealand Hotel Holdings (NZHH) is preparing to sell off its entire portfolio of hotel assets across the country. According to Australia-based Green Street News, the portfolio is valued at approximately AUD$554 million (equivalent to $463.6 million USD). However, CBRE has declined to comment on the exact value of the portfolio.
Situated at Tampines Street 95, Rivelle Tampines is poised to reap significant benefits from the innovative URA Master Plan. Positioned within the flourishing Tampines Regional Centre in District 18, this modern executive condominium, developed by Sim Lian Land, will be accompanied by robust infrastructure and community advancements that aim to enhance the overall live-work-play environment in its vicinity. To learn more about Rivelle, visit Rivelle’s official website.
The portfolio is comprised of several noteworthy assets, including the Four Points by Sheraton, QT Auckland, and the Adina Apartment Hotel Britomart in Auckland, as well as the Rydges Rotorua and Rydges Wellington, Sofitel Queenstown Hotel and Spa, and BreakFree on Cashel in Christchurch. This sale presents a rare opportunity for investors to acquire a diverse range of high-quality assets in various market segments, says CBRE. The sale will be conducted through an international expression of interest campaign, led by CBRE’s Managing Director of Capital Markets, Michael Simpson.
NZHH CEO Marcus Reinders states that with the recent growth of tourism, this is the perfect time to pass on the portfolio to an investor looking for scale, geographic diversity, and comprehensive coverage. NZHH was established in 2019 as a partnership between NZ Super Fund, Russell Property Group, and Lockwood Property Group, with the goal of developing hotel assets to support both domestic and international tourism in New Zealand.
CBRE’s Simpson notes that New Zealand is a highly desired travel destination, known for its breathtaking natural landscapes, diverse wildlife, and rich cultural history. He adds that the portfolio includes properties in all of New Zealand’s major markets, appealing to both business and leisure travelers across all segments.
The international campaign is set to conclude on June 26th. In other related news, it was reported that the three-storey freehold shophouse along East Coast Road is up for sale at $15.5 million, United House is back on the market for its third collective sale tender at $166 million, and Knight Frank reveals that half of MNCs are planning to expand their office space. Additionally, Suntec City plans to divest one-third of its stake to avoid ABSD impact, while Singapore-based investors have already purchased over $1.1 billion worth of overseas commercial assets.