EVT Acquires QT Auckland Hotel from NZ Hotel Holdings

EVT Acquires QT Auckland Hotel from NZ Hotel Holdings

EVT has acquired the QT Auckland hotel from NZ Hotel Holdings, adding 150 rooms to its portfolio in Auckland’s Viaduct Harbour.

EVT has completed the acquisition of the QT Auckland hotel from NZ Hotel Holdings (NZHH), increasing its owned hotel assets in New Zealand. The transaction adds 150 rooms and suites to EVT’s portfolio and is located in Auckland’s Viaduct Harbour.

The QT Auckland hotel includes a rooftop bar, conference facilities, and a restaurant. The property is recognized as a significant hotel asset in Auckland’s central business district.

The sale was managed by CBRE Hotels, with Michael Simpson, Peter Hamilton, and Nick Hill acting as brokers for the transaction. CBRE stated that the sale reflects continued investor interest in hotel properties located in central Auckland.

According to NZHH, the sale aligns with its strategy to develop hotel assets and reinvest proceeds into further growth opportunities. The transaction is part of EVT’s broader plan to increase its earnings from owned hotel assets and expand its hotel brand presence in New Zealand.

The acquisition comes ahead of the planned conversion of EVT’s Queenstown property to the QT brand, which is expected to further strengthen EVT’s position in the New Zealand hotel market. Auckland is considered a key market for international visitors to Queenstown, and the addition of QT Auckland is intended to support EVT’s strategic objectives in the region.

No financial terms of the transaction were disclosed. The timeline for the integration of the QT Auckland hotel into EVT’s portfolio was not specified.

The transaction follows ongoing trends in the New Zealand hotel sector, where investors have shown interest in acquiring centrally located properties with established operations. The sale of QT Auckland’s individual asset was chosen over a portfolio sale, according to CBRE.

EVT’s acquisition of QT Auckland is the latest in a series of transactions aimed at expanding its presence in the Australasian hotel market. The company has indicated plans to continue growing its portfolio through acquisitions and brand conversions in key markets.