The NZ Super Fund is expanding its stake in tourism, buying Rotorua's 203-room Holiday Inn.
Although the rate of international tourism growth is slowing, the fund says the purchase aligns with an aim to invest in strategic regional tourism assets.
The hotel will be added to the portfolio of a new investment partnership, NZ Hotel Holdings Asset LP, formed in July this year as a partnership between $45 billion NZ Super Fund, The Russell Group and Lockwood Property Group.
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The Rotorua hotel will be added to hotels it has already bought; Four Points by Sheraton and Adina Auckland Britomart in Auckland, and BreakFree Hotel in Christchurch.