The InterContinental Hotel at One Queen St. Photo: Google Maps
Precinct Properties Group has made a deal to sell the new 5-star InterContinental Hotel on Auckland's waterfront for $180 million.
The hotel, at One Queen Street, was part of the large Commercial Bay development, and included office space in levels three-to-five of the hotel.
"Initially purchased in 2012 and comprehensively redeveloped by Precinct, One Queen Street has been a unique adaptive reuse project for our business which has further solidified Precinct's role in creating a world-class waterfront destination on par with other global cities," Precinct chief executive Scott Pritchard said.
"The hotel has added significant value to Commercial Bay, and we are committed to working closely with the new owners to continue to deliver an outstanding experience for locals and visitors across the broader Commercial Bay precinct."
Scott Pritchard, CEO Precinct Properties. Photo:
The buyer was wholly-owned by Singapore Exchange-listed Hotel Properties, which owned, operated and developed hotels, resorts and shopping galleries in 17 countries, with 41 branded hotels including InterContinental Hotels Group.
This sale was conditional on the subdivision of the property, which was expected to be completed by the third quarter of this year, with Precinct retaining ownership and management of the balance of the property at One Queen Street.
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