This sale formed part of the reported $300 million investment by the New Zealand Fund into three hotels which also included the Four Points by Sheraton Auckland & BreakFree on Cashel Christchurch. This transaction was completed on a phased basis with the Adina being the last hotel to settle.
The Hotel comprises a 4.5 star rated, 162 room apartment style facility, situated on the eastern periphery of the Auckland CBD in close proximity to Spark Arena. The hotel was originally constructed as residential apartments in 2005-08, and was converted to hotel use in 2015/16. The sale also included a number of ground floor commercial units and 130 basement carparks. At the date of sale, the hotel was subject to a management agreement with TFE Hotels, with vacant possession available on sale.