Rotorua’s two top hotels have been sold for NZ$43 million in the largest single New Zealand commercial property transaction year-to-date.
CBRE Hotels negotiated the sale of the Novotel and Ibis Hotels on behalf of Australian owner Tourism Asset Holdings Limited (TAHL).
The transaction follows the NZ$180 million sale last year of TAHL’s other New Zealand hotels to US based Host.
The purchaser of the Rotorua properties has not been disclosed, but CBRE Hotels New Zealand director Warren Hutt said the buyer was a New Zealand based group which already has substantial interests in Auckland.
