The Rendezvous Hotel Auckland has sold to CDL Hospitality REIT, a Singapore hotel real estate investment trust, for NZ$113 million. The off-market transaction was negotiated by Jones Lang LaSalle Hotels’ Executive Vice President Mr Mike Batchelor on behalf of Abacus Property Group.
The sale is subject to New Zealand regulatory approval for foreign investment.
“The Hotel is subject to a 10 year lease to Rendezvous Hotels (NZ) Limited and a three-year rental top-up guarantee will be given to CDL,” said Mr Batchelor. “Abacus Property Group created value in the property through negotiating a long-term lease to Rendezvous Hotels after acquiring the substantial hotel asset in June this year.”
The five star Rendezvous Hotel, one of New Zealand’s largest hotels, features 455 guest rooms, five food and beverage outlets, extensive recreational facilities, secure car parking for 250 vehicles and substantial conference and meeting space including a ballroom that accommodates 1,000 guests. The hotel sits on a 5,910m2 site and is centrally located on the corner of Mayoral Drive and Vincent Street in Auckland approximately 200m from the landmark Skycity Tower and Casino.
“Demand for prime gateway city assets across Asia Pacific remains incredibly strong,” said Mr Batchelor.
According to Jones Lang LaSalle Hotels’ most recent Hotel Investor Sentiment Survey (HISS), the strongest buy sentiment for investors across Australasia was for Auckland, with 42.1% of investors seeking opportunities in this popular New Zealand gateway city.