Sale of NZ's Novotel Queenstown largest in a decade

The Novotel Queenstown has sold for more than AUS$90 million in what is being called the biggest deal of its kind in nearly a decade, according to agents Collier International. The 273-room hotel was purchased by a New Zealand hotel investor from REIT Host Hotels & Resorts.

According to New Zealand's Stuff, Host is looking to divest all its hotels in the Asia Pacific region and concentrate capital back to the United States.

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Novotel Queenstown's sale caps a year in which just over $290 million worth of hotels have changed hands, just shy of the peak in 2010, when nearly $300 million worth of hotels were sold, Stuff writes.

Other sales this year included the Novotel Ibis Ellerslie Auckland for more than $55 million, the Kingsgate Wellington, Chateau on the Park Christchurch and Hotel Grand Chancellor Auckland Airport.

The 200-room Ibis Wellington and 139-room Novotel Wellington are also on the market.

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During the first three weeks of June, new Tru by Hiltons opened in Pennsylvania, Texas, Oklahoma and Idaho.

The hotel is set in an original Art Nouveau building from the 19th century.

The combined company, which will retain the Caesars name, will comprise 60 properties and more than 50,000 guestrooms.