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.
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.