Agreement has been reached for the sale of the 280 room Rydges Wellington hotel to NZ Hotel Holdings Asset LP (NZHHALP); a partnership between the $60 billion NZ Super Fund, The Russell Property Group, and Lockwood Property Group.
Humphries, who brokered this sale, says this was a complicated and challenging transaction requiring the consolidation of 280 strata titled hotel units and related facilities from more than 200 individual owners.
At this stage the prices paid for the individual units and other components associated with the hotel remain confidential to all stakeholders. However, on completion of the entire acquisition, including upgrade & refurbishment costs and the amalgamation of all BC titles & management; we expect the hotel to have a combined value in the order of $100m.
Its 280 rooms includes 19 suites, and the hotel offers five conferencing spaces, a fitness centre, lap pool, spa and sauna and an award-winning restaurant and bar. Strategically located near Parliament and adjacent to the harbour precinct, Rydges Wellington is the closest hotel to Sky Stadium, and has a strong base of corporate, government and leisure demand.