{"id":324215,"date":"2026-03-11T13:34:15","date_gmt":"2026-03-11T13:34:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/324215\/"},"modified":"2026-03-11T13:34:15","modified_gmt":"2026-03-11T13:34:15","slug":"new-york-listed-brookfield-asset-management-plans-250m-purchase-of-rydges-wellington-sofitel-queenstown","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/324215\/","title":{"rendered":"New York-listed Brookfield Asset Management plans $250m purchase of Rydges Wellington, Sofitel Queenstown"},"content":{"rendered":"

The vendor of the Wellington and Queenstown hotels is NZ Hotel Holdings, which last May said<\/a> it wanted to sell seven hotels for $600m-plus.<\/p>\n

\"RydgesRydges Wellington is on Featherston St. Photo \/ Google Maps<\/p>\n

The New Zealand Superannuation Fund<\/a>, Russell Property Group and Lockwood Property Group wanted to quit their national hotel portfolio<\/a> after the record-breaking $180m InterContinental Auckland<\/a> sale<\/a>.<\/p>\n

Marcus Reinders, chief executive of NZ Hotel Holdings, cited Precinct Properties\u2019<\/a> planned sale of the hotel in One Queen to Singaporeans.<\/p>\n

NZ Hotel Holdings\u2019 seven hotels, with 1402 rooms, are:<\/p>\n

255-room Four Points by Sheraton Auckland, 396 Queen St;150-room QT Auckland, 4 Viaduct Harbour Ave, Westhaven,\u00a0ex-Bayleys offices<\/a>\u00a0on leasehold land;167-room Adina Apartment Hotel Auckland Britomart, 2 Tapora St, Britomart, Auckland;203-room Rydges Rotorua, previously a\u00a0Holiday Inn<\/a>, 10 Tryon St, Whakarewarewa;280-room Rydges Wellington, 75 Featherston St, central city;263-room BreakFree on Cashel Christchurch, 165 Cashel St, central city;84-room Sofitel Queenstown Hotel and Spa, 8 Duke St.\"BrookfieldBrookfield Co-Head of Australia real estate Ruban Kaneshamoorthy, Te Arataura chairman Tukoroirangi Morgan and Prime Minister Christopher Luxon at the Ruakura Superhub in Hamilton. Photo \/ Danielle Zollickhofer<\/p>\n

When, in July 2019, the NZ Super Fund bought into what was then a $300m portfolio, direct investments head Will Goodwin said it allowed exposure to the fast-growing tourism sector and would support the industry.<\/p>\n

\"SofitelSofitel Queenstown. <\/p>\n

\u201cNew Zealand needs additional hotel accommodation to support both growing domestic tourism and international arrivals,\u201d Goodwin said then.<\/p>\n

Brett Russell of Russell Group expressed satisfaction about plans to sell two of the seven to Brookfield and said a settlement was anticipated this month.<\/p>\n

Brookfield already owned assets in this country, he noted.<\/p>\n

\u201cWe have interest in a couple of the others in the portfolio, too,\u201d Russell said last night of further deals on the remaining five hotels.<\/p>\n

\"BrettBrett Russell said there was interest in other properties which NZ Hotel Holdings owns. Photo \/ Brett Phibbs<\/p>\n

Reinders said the Wellington and Queenstown hotels were exceptional assets in prime destinations.<\/p>\n

Sofitel Queenstown\u2019s sale had achieved a record price per key in New Zealand, he said.<\/p>\n

\u201cWe are confident the hotels will continue to perform strongly under Brookfield\u2019s ownership. The transaction reflects the quality of the assets NZ Hotel Holdings has developed and the continued investor interest in well-located hotel properties in New Zealand,\u201d he said.<\/p>\n

CBRE Hotels\u2019 Michael Simpson, Peter Hamilton and Nick Hill brokered the planned sales.<\/p>\n

Anne Gibson<\/a> has been the Herald\u2019s property editor for 26 years, written books and covered property extensively here and overseas.<\/p>\n

Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter<\/a> \u2013 your essential weekly round-up of all the business news you need.<\/p>\n","protected":false},"excerpt":{"rendered":"The vendor of the Wellington and Queenstown hotels is NZ Hotel Holdings, which last May said it wanted…\n","protected":false},"author":2,"featured_media":324216,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[94392,174905,16391,8613,13304,138,8996,174909,20285,1426,1044,1132,117,111,139,69,1118,6270,3236,2171,13673,20930,174906,174907,781,106382,174908,52,2173,174904,80],"class_list":["post-324215","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-94392","tag-250m","tag-asset","tag-billion","tag-brookfield","tag-business","tag-consent","tag-exchangelisted","tag-hotels","tag-investment","tag-management","tag-million","tag-new","tag-new-zealand","tag-newzealand","tag-nz","tag-of","tag-office","tag-overseas","tag-plans","tag-purchase","tag-queenstown","tag-rydges","tag-sofitel","tag-stock","tag-subject","tag-us75","tag-wellington","tag-york","tag-yorklisted","tag-zealand"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/324215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=324215"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/324215\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/324216"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=324215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=324215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=324215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}