New Zealand Hilton sold to Chinese investor group

The Hilton in Queenstown, New Zealand has reportedly been sold to Chinese investors, who, as Stuff.co reports, are encouraged by the numbers of wealthy Chinese flocking to the resort.

Reports are that the Hilton's current owner, the Pacific Alliance Group, was negotiating a sale of the hotel on the base of the Kelvin Peninsula to a group of Chinese investors.

The 177-room hotel was originally slated to be a Westin, reports state. 

Construction started in early 2007 under Auckland property developer Nigel McKenna's Melview Developments and Melview Investment companies.

By late 2010 the hotel was receivership, however.

The Bank Of Scotland bankrolled the project to the tune of around $500 million in a first mortgage, and British investor BlueSky Capital was given permission from the Overseas Investment Office in July 2007 to invest $300m in the project.

Pacific Alliance Group took over debts in 2011. The company has three offices in China, and offices in Hong Kong, Tokyo, Seoul, Singapore and Sydney.

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