A Queenstown hotel has been sold for more than $90 million in the biggest deal of its type for nearly 10 years, Colliers International says.
American firm REIT Host Hospitality, which sold the 273-room Novotel Queenstown Lakeside this week for more than $90 million, is exiting from markets in this part of the world.
Colliers International's national director of hotels, Dean Humphries, acted as a co-adviser in the transaction did not disclose the buyer but said it was purchased by an established hotel investor for a "record price".
"The sale reflects the largest single hotel transaction completed in New Zealand since 2006," Humpries said.
"REIT Host Hospitality are looking to divest all their hotels in the Asia Pacific region and move capital back to the United States to take advantage of improving conditions there.
