Brookfield Asset Management has acquired two hotels in New Zealand for approximately NZ$250m ($148m), increasing its portfolio of hospitality assets in the Asia-Pacific region.
The purchase includes the 280-room Rydges Wellington and the 84-room Sofitel Queenstown.
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The seller was NZ Hotel Holdings, a joint venture formed by NZ Super Fund, Russell Property Group and Lockwood Property Group.
Brookfield’s assets under management in New Zealand now total NZ$1bn.
CBRE Hotels negotiated the transaction on behalf of Brookfield.
The acquisition follows Brookfield’s previous investments in hospitality assets in the Asia-Pacific market, including Hotel X in Brisbane and Tokyo’s Gajoen mixed-use complex.
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By GlobalDataBrookfield stated that it remains committed to expanding its presence across the region and is seeking additional opportunities in New Zealand.
Brookfield Australia’s real estate co-head Ruban Kaneshamoorthy said: “We are committed to expanding our high-quality hospitality platform across the Asia Pacific. Both Rydges Wellington and Sofitel Queenstown are located in prime markets with strong long-term demand fundamentals.
“Brookfield will invest approximately NZ$250m to acquire and reposition the two assets, and we see significant potential to enhance their performance through active asset management and targeted capital investment.”
The Sofitel Queenstown contains spa, fitness, conference and dining facilities.
Rydges Wellington is situated in the country’s capital and provides harbour and city views.
NZ Hotel Holdings CEO Marcus Reinders said: “We are pleased to complete the sale of Rydges Wellington and Sofitel Queenstown to Brookfield, a highly regarded global investor with significant experience in the hospitality sector.
“Both hotels are exceptional assets in prime New Zealand destinations, with Sofitel Queenstown achieving a record price per key in New Zealand. We are confident they will continue to perform strongly under Brookfield’s ownership.”
