AMP NZ Office Trust to sell Wellington ParkRoyalJune 9, 2000 The AMP NZ Office Trust (ANZO) is offering Wellington’s premier hotel, the Wellington Parkroyal Hotel (the "Parkroyal"), for sale through a market tender. The 4.5 Star hotel leads the upscale hotel market in Wellington and has become the destination of choice for guests looking for international-class accommodation in the capital. "Currently there is strong interest in the Wellington hotel market and the Parkroyal provides a rare opportunity for global investors to gain a strategic position at the top end of that market," said ANZO executive manager, Anthony Beverley. "The Trust’s stated objective is to own and actively manage a portfolio of blue chip office properties. While the Parkroyal is a fine property, as an accommodation business it fails to meet the requirements of the core portfolio profile." "Given the strong market for hotel properties and our desire to align the portfolio, we believe this is an excellent time to sell and have commenced marketing the hotel to interested parties. Should the sale proceed we have a range of commercial options for utilising the funds to benefit our unit holders." The Parkroyal is located on the corner of Grey and Featherston Streets in the heart of Wellington’s CBD, with excellent harbour views. The hotel features 233 rooms, five conference venues, four restaurants and bars, a gym, sauna and swimming pool. Because of its focus on the business market the Parkroyal doesn’t share the cyclical risks of tourist hotels. The Parkroyal sale will be managed by international real estate brokers CB Richard Ellis and does not include the IBM Centre, which it is adjacent to. The tender will open next week and is expected to close in mid July. For more information: |