JLL today announces the sale of the Stamford Plaza Auckland for NZ$170m, the largest ever single hotel asset in New Zealand history to go unconditional.
The Stamford Plaza, which, was originally branded as “The Regent”, was managed and operated by Stamford Hotels & Resorts as part of the Stamford Group for the past 27 years, with great aplomb. The Stamford Plaza was sold to a consortium comprising the CP Group, the biggest hotel owner in New Zealand with a global portfolio in excess of 50 assets, in association with global investment firm Alvarium Investments via its locally owned Auckland office, and Archipelago Capital.
CP Group believes now is the right time to buy in the New Zealand market following the opening of international borders in the country and stability of the commercial property sector.
Alvarium Investments founder and global co-chair Andrew Williams considers this investment an important strategic decision to add a premium Auckland hotel to Alvarium’s existing real estate assets at an opportune time to capitalise on current market conditions.
The deal will settle late 2022.
The central location of the Stamford Plaza in Auckland’s CBD makes it an attractive option for visitors to the city, situated a 4-minute walk from Britomart Train Station, and just 10 minutes from the Te Waihorotiu Station (Aotea) City Rail Link hub currently under construction. Once completed, Karangahape Road and Maungawhau (Mt Eden) will be three- and six-minutes’ travel respectively from the station.