Singapore buyers continue to snap up marquee hotel properties in New Zealand
After a few years of natural disasters and a down tourism market, foreign investors are picking up properties in the hope that things will turn better — especially following another round of New Zealand films from favorite-son Peter Jackson.
Excerpt from NZ Herald News
Four big New Zealand hotels have sold for about $170 million.
Dean Humphries of Jones Lang LaSalle said this was one of the most active sectors in Australasian commercial real estate and the value of deals had almost doubled.
“There have been sales for A$1.5 billion [$1.91 billion] in the year to June, a 96 per cent increase over the previous period,” he said, with Asian buyers dominant but American and Middle Eastern businesses also active on the scene.