SkyCity Entertainment Group has signed a conditional agreement to sell The Grand Hotel in central Auckland for NZ$221m (about US$124m) to Eden Global Capital Private Limited and Auckland City Collective Limited, it told the NZX on 16 October.
Why Eden Global Capital Private Limited and Auckland City Collective Limited is buying The Grand Hotel, Auckland (from SkyCity Entertainment Group)
The sale is part of SkyCity's asset monetisation programme, and the proceeds are earmarked for repaying debt and increasing financial flexibility. The buyers are newly formed companies associated with a privately owned, diversified property investment and development group with interests in Australia, Singapore and South-east Asia.
Deal terms and financing
The price covers the hotel and its associated business assets. SkyCity will continue to manage and operate the hotel for the buyer during a transition period expected to end by 30 June 2027.
Regulatory approvals and timing
Completion is conditional on consent from New Zealand's Overseas Investment Office, which SkyCity expects to be satisfied during the rest of 2026, with settlement targeted for mid-December.
Market context
SkyCity sold its Albert Street office tower and neighbouring Victoria Street properties for NZ$74.5m in a deal completed in September. Together with the hotel, gross proceeds from property disposals reach about NZ$295.5m, well above the roughly NZ$200m originally targeted and near the top of the NZ$275m-300m range it later guided to, according to the NZ Herald.
