$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.

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