The 273-room Novotel Queenstown Lakeside sold for more than $90 million. Photo / novotel.com
The 273-room Novotel Queenstown Lakeside sold for more than $90 million. Photo / novotel.com
A Queenstown hotel has been sold for more than $90 million in the biggest deal of its type for nearly 10 years, Colliers International says.
American firm REIT Host Hospitality, which sold the 273-room Novotel Queenstown Lakeside this week for more than $90 million, is exiting from markets in thispart of the world.
Colliers International's national director of hotels, Dean Humphries, acted as a co-adviser in the transaction did not disclose the buyer but said it was purchased by an established hotel investor for a "record price".
"The sale reflects the largest single hotel transaction completed in New Zealand since 2006," Humpries said.
"REIT Host Hospitality are looking to divest all their hotels in the Asia Pacific region and move capital back to the United States to take advantage of improving conditions there.
This sale marks a significant year for hotel transactions which have resulted in just over $290 million of hotels changing hands so far in 2015 - just shy of the previous peak in 2010, which saw nearly $300 million of transaction activity," he said.
