Most expensive New Zealand hotel heads for refurbishment

by | 18 Oct 2022 | Projects, Refurbishments

Stamford Plaza Auckland hotel has changed hands for NZ$170 million, the largest ever single hotel asset in New Zealand history to go unconditional.

The new owners, a consortium comprising the CP Group, the biggest hotel owner in New Zealand, are planning to overhaul the 286-key luxury property.

Undecided branding

Real estate services firm Jones Lang LaSalle (JLL) facilitated the sale. Nick Thompson, JLL director hotels and hospitality, commented: “For the consortium, purchasing a five-star hotel in Auckland’s CBD at a time when the market is rebounding represents a fantastic opportunity. Plans to refurbish and rebrand the Stamford Plaza under a major international name are already underway, although branding is still to be decided.”

The consortium also incorporates global investment firm Alvarium Investments via its locally owned Auckland office, and Archipelago Capital. Alvarium Investments’ founder and global co-chair Andrew Williams said: “This co-investment aligns with our long-term approach of working with teams that have a proven high-performing record to drive returns for our clients and our firm through timely investment opportunities.”

Original regent

Stamford Plaza Auckland was originally branded as The Regent and was managed and operated by Stamford Hotels & Resorts as part of the Stamford Group for the past 27 years.

Thomas Ong, chief operating officer of Stamford Hotels & Resorts, noted: “Stamford Plaza is the pride and joy of the Stamford Group and was especially hand-picked by Mr CK Ow, chairman of the group, during his strategic acquisitions in the ‘90s throughout Australasia. The Stamford brand has been outstanding in adding value to the quality of five-star hotels in New Zealand. In October 2008, the Stamford Group not only upgraded the hotel, but added 149 ultra-high-end luxury apartments, contributing to the change in the city-landscape.

“The divestment represents a recalibration of the group’s investment strategy, which has made in-roads into other real estate classes within the global marketplace, such as trophy asset properties in the City of London. The group is well-capitalised with no debts and will continue to seek out investment opportunities whenever it can add value. In relinquishing Stamford Plaza, the group is grateful for the long-serving high calibre and loyal hotel professionals remaining within the premises who will continue to be an asset to the incoming operator.”

Further quartet

Stamford Plaza Auckland’s new owners, CP Group, have also recently partnered with Accor’s Ennismore division to bring four new hotels to the country.

The agreement will see the opening of a Jo&Joe and two Tribe hotels in Auckland, and a Hyde in Queenstown. The hotels will complete across 2023-24.

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