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External investor sought for SKYCITY’s Hobson Street Hotel



Long term investment with development potential/new-zealand/en-gb/news/916/long-term-investment-with-development-potentialAUCKLANDLong term investment with development potential
Former Fire Station on high profile corner site/new-zealand/en-gb/news/915/former-fire-station-on-high-profile-corner-siteCHRISTCHURCHFormer Fire Station on high profile corner site

Hobson Street Hotel edited.jpgJLL have been engaged by SKYCITY Entertainment Group Limited (SKYCITY) to seek an external investor for the development and ownership of Auckland’s newest five star hotel to be located on Hobson Street, adjacent to the proposed New Zealand International Convention Centre (NZICC). 

The proposed five star, 300 room hotel, designed collaboratively by Warren and Mahoney and Moller Architects, will see the development of the Hobson, Nelson and Wellesley Streets block as part of the expanded NZICC precinct master plan.

On the appointment JLL’s Managing Director of New Zealand Nick Hargreaves says: 

“We are very excited to be marketing Auckland’s leading hotel investment opportunity on behalf of SKYCITY, a long-term player in the Auckland hotel industry. The uniqueness of the hotel is in its location in the heart of the Auckland CBD and its connectivity to the NZICC, its car parking and attached retail laneway, enabling it to take full advantage of the valuable new sector of international convention visitors. The hotel will also be linked by an air-bridge to the rest of SKYCITY Auckland’s entertainment precinct, offering guest’s a variety of restaurants, bars, and entertainment to choose from in addition to the unique Sky Tower experience”. 

JLL note that New Zealand’s hotel accommodation market has continued to perform robustly with a solid increase in occupancy levels over the past few years. 

On the key features of the Auckland hotel market which make the hotel an attractive investment opportunity, Managing Director – Hotel Investment Sales, Australasia, Mark Durran, says:

“The new hotel will benefit from the continued strong growth in the Auckland hotel market including increased international visitation, longer-term stays and additions to airline capacity and routes. We see this is a unique opportunity for a party to invest in a gateway city, experiencing strong economic and tourism growth and to enter a tightly held hotel market.” 

JLL envisages securing a preferred investor for SKYCITY by the end of the 2015. ​