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AMP sells Wellington Parkroyal

By Phil Boeyen, ShareChat Business News Editor

Friday 6th October 2000

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The AMP NZ Office Trust has sold the luxury Wellington Parkroyal to the hotel's current manager, UK-based Bass Hotels and Resorts, for $55.6 million.

The trust's executive manager, Rob Lang, says the hotel was taken to the market for sale in June, after the 22-floor building it occupies was split into two separate titles - one for the hotel which occupies lower floors, and one for the IBM Tower above. The trust will keep ownership of the IBM Tower.

Mr Lang says the trust acquired the hotel when it bought the property, but the hotel does not fit with the trust's core office building focus.

The $55.6 million price tag is above the trust's $54 million acquisition price and also slightly above last year's $55.5 million valuation.

Mr Lang says the tender was keenly bid, reflecting the hotel's client base which is commercial rather than tourist based, with occupancy rates during weekdays often reaching 100%.

The hotel's new owners have a number of well-known international hotel brands including Inter-Continental, Crowne Plaza, and Holiday Inn.

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