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

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Argosy FY25 Annual Result
Radius Care Continues Strong Growth with Record FY25
Meridian to replace transformers at Manapōuri
May 21st Morning Report
Tower reports strong half year profit
May 20th Morning Report
CEN - Despatch of Manawa Scheme Booklet
Manawa Energy Scheme Booklet and Notice of Meeting
Spark announces strategic network partnership with Nokia
May 19th Morning Report