$51.5 million deal secures new owner for Hilton Hotel

Monday 13 December 2004

Auckland's waterfront Hilton Hotel finally sold last week for $51.5 million, to a consortium which includes its developer Dave Henderson.

By The Landlord

The deal was, in part, the resuscitation of an investment scheme scuppered in October by a downturn in confidence around the property market.

It brings to an end almost two years of trying to offload the glamourous building but leaves a third ownership in the hands of Henderson, whose company Kitchener Group developed the $200 million Princes Wharf.

The other two thirds will be held by Wellington-based St Laurence Group and a small group of Australian and New Zealand investors, who had set up a new entity with Henderson for the purchase.


Kitchener Group chief executive Chris Aiken said Henderson was offered the stake and agreed because he saw it as a good long-term investment.

The five star, 166-room hotel has a 15-year lease arrangement with the hotel manager and occupancy has been running at more than 80 per cent, he said.

Read More - Opens in a new window
Commenting is closed

Property News

Return to market form

There’s been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.

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 limits slow down investors

LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.

Site by PHP Developer