Hyatt Regency Auckland sale beats receiver expectations

AUCKLAND The 347-key Hyatt Regency Auckland has been sold out of receivership, beating expectations by selling for more than NZ$50 million (US$39 million).

The precise sale price has not been disclosed, but Jones Lang LaSalle Hotels tells The New Zealand Herald that the transaction sold in the upper end of the anticipated range of NZ$50 million to NZ$60 million.

The identity of the buyer remains sealed until January, but JLLH says the buyer is an international investor with ties to the New Zealand market.