Wellington InterContinental sold for NZ$50 million

A New Zealand-based investor has acquired Wellington five-star InterContinental Hotel for NZ$50 million (A$40 million), the top commercial sale of the year to date across the Tasman. 

The hotel was put up for sale in June this year by Sydney-based owner Eureka Funds Management, with Jones Lang LaSalle Hotels appointed to market the property. 

The sale was negotiated by Jones Lang LaSalle executive vice-president Dean Humphries and senior vice-president Ross Beardsell. 

Built in 1990 in conjunction with the HP Invent Tower, the hotel incorporates 232 guest rooms and suites together with nine conference/meeting rooms, two restaurants, a bar, health club and swimming pool.

It occupies a prime position in the heart of the Wellington CBD, with the upper floors offering spectacular harbour views.

Humphries says the sales campaign attracted a strong level of interest with over 50 initial enquiries.

“This level of enquiry underpins the continued investor confidence in the New Zealand hotel market that we witnessed over the past 12 months,” he says.

The InterContinental Hotel Wellington is the 12th major accommodation asset that Jones Lang LaSalle Hotels have sold this year across Australia and New Zealand, equating to 2,455 hotel rooms worth approximately A$600 million.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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