Auckland aparthotel up for sale

George Sell George Sell Uploaded 08 April 2018

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New Zealand: The Waldorf Stadium Apartment Hotel in the Auckland CBD has been put on the market.

The 178-unit strata title development is to be sold subject to a new 11-year performance lease to Japanese serviced apartment conglomerate Daiwa House Group, which recently acquired the Australia and New Zealand Waldorf serviced apartment business with further plans to expand in the region.

The property is being sold by an international expression of interest campaign closing at 4pm on May 16. It is being marketed by Colliers International Hotels and CBRE Hotels.

Dean Humphries, national director of hotels for Colliers, says the divestment is the first major hotel sale in the Auckland CBD since the Hilton Auckland sold in 2012: "As a result, we're anticipating unprecedented interest from a wide range of international and domestic investors given the exceptionally strong trading conditions in the gateway city."

Wayne Bunz, international director of CBRE Hotels, said the development is being offered for sale subject to a long-term management lease to one of the largest serviced apartment providers in the region, Daiwa House Group. "This strong tenant covenant will provide investors with secure long-term returns moving forward," he said.

Built in 2008, the Waldorf Stadium Apartment Hotel is in downtown Auckland close to the harbour's edge, the 12,000-capacity Spark Arena, the Britomart precinct and 500 million from Queen St, the city's main commercial and retail thoroughfare.

The 10-storey property comprises a mix of studio, one-, two- and three-bedroom fully self-contained apartments.

 

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