The 4.5 star hotel includes large-scale function and meeting facilities that can host up to 1000 delegates, a heated outdoor pool and spa facilities, gymnasium and parking for more than 120 vehicles.
The hotel is situated on more than one hectare of land near the Whakarewarewa Māori Village and geothermal park, one of the region's most popular tourist destinations.
Russell Group managing director Brett Russell said the hotel had recently undergone extensive renovations, including a range of new plant and seismic upgrades.
''The Rotorua market remains one of New Zealand's leading tourism destinations, which in recent times has seen hotel occupancy surpass 80 per cent. In the past 24 months, Rotorua has been one of the best performing tourism markets in the country," he said.
"Being only three hours' drive from Auckland, and located on the international tourism route, Rotorua continues to be one of the most highly sought-after destinations in the country by both international and domestic travellers," said Russell.
NZ Super Fund's Head of Direct Investments Will Goodwin says the acquisition into a key provincial tourism hub was in keeping with the fund's strategic objectives of adding assets in provincial tourism centres to complement its existing portfolio of properties in gateway cities like Auckland and Christchurch.
Stats NZ tourism spending data released last week showed annual tourism spending reached $40.9 billion — mainly from domestic travellers — an increase of 4 per cent from the previous year.
The hotel is managed by international hotel operators IHG under its popular Holiday Inn brand. IHG will continue to manage the day-to-day operation of the hotel.
This is the first major hotel to be sold in Rotorua since 2011 with hospitality assets in the region tightly held.
