"This has been a 12-month journey resulting in New Zealand's largest ever off market hotel transaction, with the result of all three hotels remaining in New Zealand ownership," he says.
"Quality New Zealand hotel assets are rarely traded, and many are owned by offshore interests.
"When the Russell and Lockwood Groups were considering a divestment strategy, the possibly of retaining these assets in New Zealand hands was an appealing objective for the two Kiwi entities.
"While there would have been significant interest in this portfolio if it had been offered on the open market, a decision was made by the owners to pursue an off-market strategic alliance with a New Zealand-based entity that would ensure these assets and the future profits they generate stay onshore.
"This is a great outcome for all New Zealanders who can now collectively share in the future profits generated by these hotels, which form part of the country's largest export industry."
Humphries says tourism is undoubtedly one of the economic pillars and future growth arms of New Zealand.
Latest Statistics NZ figures show tourism directly employs one in seven New Zealanders and contributes to $15.9 billion of GDP, or 6.1 per cent.
Total annual tourism expenditure for the year ending March 2018 was $39.1 billion, an increase of 7.7 per cent ($2.8 billion) from the previous year.
The arrangement between NZ Super Fund and the Russell and Lockwood Groups involves two joint ventures.
- Material supplied by Colliers International
