Latest news with #RussellPropertyGroup
RNZ News
5 days ago
- Business
- RNZ News
Quake-damaged abandoned Christchurch hotel set to become five-star Sheraton
The central Christchurch hotel has been empty since 2011. Photo: RNZ / Nate McKinnon A Christchurch hotel building that has sat empty in the central city since the earthquakes will soon become a five-star Sheraton hotel as a result of a $150 million rebuild. Mainland Capital and Russell Property Group have struck a deal with global hotel giant Marriott International to develop the former Rydges Hotel on Oxford Terrace. First established as Noahs in the 1970s, the building was badly damaged in the 2011 earthquake . Plans to restore the building stalled because of a long-standing legal dispute between building owners and insurers that ended up in the Supreme Court. Mainland Capital director Ben Bridge told RNZ the Sheraton hotel plans were a major milestone for the city's post-quake recovery. Plans to retsore the building have stalled in the past. Photo: RNZ / Nate McKinnon "This has been a building that's been a bit of a blight on the landscape for the 15 years since the earthquake. It's been identified by the council and the public as something they would like to see resolved. "To be able to bring that to fruition with our partners, I think it's a pretty significant step for solving one of the problematic sites in the city." The 14-storey building would include 240 rooms or suites, a restaurant, a rooftop bar, event spaces and a gym when it opened in mid-2027. The original building was established before the 1974 Christchurch Commonwealth Games and has had a number of high-profile guests over the years, including the Shah of Persia, Princess Diana, King Charles and Sir Elton John. "It has a long 50-year history and I think that's what's really engaged the public," Bridge said. "I think there's a really strong support for it from the public to have something done. If that could be the restoration of what was quite an iconic hotel in its day then all the better." What the Sheraton Hotel could look like. Photo: SUPPLIED An under-supply of hotels in Christchurch had also been identified during planning talks. Bridge said an opportunity was identified by virtue of the neighbouring Te Pae Convention Centre having its busiest period during the slower winter months for the hospitality sector. He said opening of One New Zealand Stadium and Parakiore Recreation and Sport Centre were also factors around forecast increases in accommodation demand. "We've been waiting a long time to see that a hotel would come out of the ground in Christchurch. To be able to do this and hopefully set the bar relatively high, we hope others will follow," he said. The Sheraton is scheduled to open in 2027. Photo: SUPPLIED Te Pae general manager Ross Steele said the hotel would be "a game changer". "[The convention centre] has led the way for New Zealand's re-entry into the international convention market, this five star Sheraton hotel, opening in 2027, will take us to the next level." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Hospitality Net
07-05-2025
- Business
- Hospitality Net
New Zealand Hotel Holdings Leading Hotel Portfolio Available for the First Time
New Zealand – Leading New Zealand hotel group NZ Hotel Holdings (NZHH) is divesting its nationwide portfolio of hotel assets. The opportunity is the largest hotel portfolio ever brought to market in New Zealand, presenting a once in-a-generation opportunity for investors to deploy capital into high-quality assets across a diversity of market segments. CBRE's Michael Simpson, Peter Hamilton and Nick Hill are managing the sale via an International Expressions of Interest Campaign. The sale is aligned with the investors' strategy to develop high quality assets and to re-invest the proceeds of those developments into further growth opportunities. NZ Hotel Holdings is a partnership between NZ Super Fund, Russell Property Group and the Lockwood Property Group, formed in 2019 to develop New Zealand hotel assets to support domestic and international tourism in New Zealand. The unparalleled combination of experience of the partners has meant that complexities of acquiring, structuring, seismically strengthening and delivering a unique portfolio of world-class investment grade hotels has been mitigated for the new owner. Its portfolio comprises market-leading Auckland hotels Four Points by Sheraton, QT Auckland, and Adina Apartment Hotel Britomart, as well as Rydges Rotorua and Rydges Wellington, Sofitel Queenstown Hotel and Spa, and BreakFree on Cashel in Christchurch. The New Zealand Government has demonstrated robust support for the growth of tourism, which was formerly the nation's largest export earner. New international tourism campaigns targeting high population and high-value markets, such as India, China, and the USA, along with increased sector funding, are anticipated to enhance international visitation and drive hotel demand. With tourism now back on a growth curve, strong market fundamentals with increased international interest, the opportunity is here to pass on the portfolio to an investor seeking scale, geographic diversity and holistic coverage of New Zealand's key tourism markets. NZHH Chief Executive Marcus Reinders Recent benchmarks such as the record-setting sale of the InterContinental Auckland Hotel supports this view. This is the largest and most comprehensive portfolio of investment grade hotels ever brought to market in New Zealand. New Zealand is an aspirational travel destination, world-renowned for its stunning natural landscapes, diverse wildlife, and rich cultural heritage. The portfolio offers expansive coverage of all of New Zealand's major markets, with the portfolio hotels appealing to business and leisure travelers across all market segments. Michael Simpson, Managing Director of CBRE Hotels Pacific The International Expressions of Interest Campaign closes on Thursday 26th June 2025 at 4pm NZST. About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world's largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at Katherine Yu Senior Manager, External Communications, Asia +852 2820 1512 CBRE Hotels
