Hotel sale up on estimates

Auckland's Hyatt Regency. Photo / Sarah Ivey

The sale of the Hyatt Regency Auckland hotel has beaten the expectations of the receivers of South Canterbury Finance.

Real estate firm Jones Lang LaSalle Hotels said Hyatt Regency, one of the larger loan book assets of South Canterbury, had sold in the upper end of a $50-60 million range.

The Government in August paid $1.77 billion to take control of the assets of South Canterbury Finance, buying out all investors and debenture holders.

Receiver Kerryn Downey of McGrathNicol said: "We are very satisfied with the outcome."

The agreement was subject to confidentiality and the sale did not settle until January. Jones Lang said the hotel had been sold to an international investor with existing ties to the New Zealand market.