The $100m sale is considered the biggest hotel transaction in New Zealand for 2021
Anderson Lloyd has confirmed its role in the sale of Rydges Wellington, Wellington’s largest hotel, to NZ Hotel Holdings Asset LP, a tourism investment vehicle owned by NZ Super Fund, Russell Property Group and Lockwood Group.
The transaction completed last December after more than a year of negotiation. It is considered the biggest hotel deal in New Zealand for 2021, according to Dean Humphries, national director of hotels for Colliers.
Valued at about $100m, the transaction involved the purchase of more than 300 individual unit titles under 150 separate agreements, as well as the acquisition of the management rights and business assets of Rydges Wellington.
Partners Anne McLeod and Clare O’Shea led Anderson Lloyd’s team on the transaction. They were assisted by partner Ben Johnston and associates Tim Lindsay and Anita Wan.
“The size and complexity of the transaction required Anderson Lloyd to work closely across a number of specialist teams which showcased our ability to operate seamlessly between office locations, and to deliver undisrupted results during the various pandemic-related lockdowns,” the firm explained. “Anderson Lloyd congratulates the team at NZ Hotel Holdings for achieving this significant milestone.”
Buddle Findlay acted for most of the unit owners as well as Rydges Wellington’s operator Hotel Management (Featherston St). The team was headed by partners Daniel Collins and senior associate Ed McGimpsey.
