St Laurence to buy Auckland Hilton
Monday 6 September 2004
Wellington-based investment group St Laurence is to buy Auckland's landmark Hilton Hotel on Princes Wharf St for $51 million and will fund the purchase through a "proportionate ownership scheme".
By The Landlord
St Laurence is offering investors 1188 shares in the scheme at $25,000 each, raising $29.7 million. The balance of the purchase price would be met with secured borrowings.St Laurence managing director Kevin Podmore said the five-star, 166-room hotel would be purchased fully leased to hotel manager Princes Wharf Hotel Ltd.
Hilton International, a subsidiary of London-based Hilton Group, will continue to operate the hotel at the site under an agreement that runs until 2016.
Read More - Opens in a new window
Commenting is closed
Property News
More than fair “wear and tear”
Proving tenant liability for damage has long been a major worry for landlords but a recent Tenancy Tribunal shows that it can be done.
House Prices
No stopping Capital price rises
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Mortgages
LVR loosening likely - ANZ
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.
