BreakFree on Cashel Christchurch - SOLD

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Sold for 42,100,000 NZD Date of Sale: November 2019
Rooms: 263
Price Per Room: 160,076 NZD
Property Id : 31337

This hotel was acquired as part of a portfolio in 2019 by New Zealand Hotel Holdings, a newly established NZ$300m joint venture partnership between the $43b New Zealand Super Fund and the Russell & Lockwood Group of Companies. The other hotels included the Four Points by Sheraton Auckland & Adina Apartment Hotel Britomart Auckland.

The BreakFree on Cashel Street Christchurch comprises a 263 room 3+ star rated hotel, originally constructed as an office building in the mid 1980s, and repurposed to a hotel in 2007/08. Significant upgrading works were undertaken following the 2011 Christchurch earthquakes including a rebranding.  The hotel is subject to a long-term management agreement with Accor with VP available on sale.  The sale also included a parcel of adjoining development land.

Dean Humphries

National Director - Hotels New Zealand
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