Big Auckland hotel sold to Aussies for more than $50m

The big building is on Beach Rd in the Quay Park area. Photo / Janna Dixon

A downtown Auckland hotel has been scooped up by an Australian company for a price thought to be in excess of $50 million, and the biggest deal in six years.

Dean Humphries, Collier's national hotels director, said Auckland's Waldorf Stadium Apartment Hotel changing hands was "the first major hotel sale in the Auckland CBD since the Hilton Auckland sold in 2012."

The price is thought to be between $50m and $60m but Colliers, which were the agents on the deal, could provide no figures.

The 4.5 star 178-unit strata title property was bought by the Australian-based Mulpha Group.

Greg Shaw, Mulpha chief executive, said New Zealand's tourism and hotel sectors had strong underlying fundamentals which was why the business bought here.

The hotel was built in 2008 near the 12,000-person capacity Spark arena and has studio, one, two and three-bedroom apartments.

It stands on a leasehold site, owned by Ngāti Whātua Ōrkāei Whai Rawa. The annual ground rent is reviewed approximately every five years.

The hotel's website is advertising rooms from $169/night for the property at 40 Beach Rd.

Colliers said the sale was subject to a new 11-year performance lease to Japanese serviced apartment business Daiwa House Group.