Hudson NZ sells Hyatt

Hotel for $48m Australian-listed Hudson Investment Group's subsidiary, Hudson New Zealand, has sold the 274-room Hyatt Regency Auckland Hotel to Regency Auckland Hotels, which has its headquarters in Timaru, for $48 million.

Announcing the deal to the Australian Stock Exchange, Hudson said the transaction was due to settle on February 25.

The $48 million would be used to retire Hudson New Zealand's debt and would complete the company's divestment in New Zealand as approved by shareholders at the annual meeting on May 20.

Auckland-based Hudson NZ chief executive John Dalzell yesterday refused to comment about the deal or the activities of the company.