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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.