OIO clears US firm's NZ hotel deal

The Overseas Investment Office cleared US company Host Hotels & Resorts $184 million deal to buy seven hotels in this country.

Host Hotels & Resorts bought six of the properties from Australian company Tourism Asset Holdings and one from Accor, and said the deal included more than 1200 rooms with the purchase price representing a discount to replacement cost of about 25 to 30%.

The properties included Novotel hotels in Queenstown, Christchurch, Auckland and Wellington, and Ibis hotels in Wellington, Christchurch and Auckland.

The OIO made its decision on January 19.

NZPA

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