Locals step in to pick up $400m in hotel deals

Locals step in to pick up $400m in hotel deals
The Sofitel Queenstown is banking on a resurgent hotel sector. (Image: supplied)
Brent Melville
A flutter of late-season deals will see this year close out with more than $400 million of hotel transactions on the books.That’s up a third on the previous high of $300m recorded during both 2010 and 2015, and almost three-fold the 10-year annual average of $150m.Colliers International national director of hotels Dean Humphries said 11 hotels settled at a sale price of at least $5m over the past 12 months.Most of those, he said, were sold ‘off market’ with domestic buyers dominating the field, as the nation's closed borde...

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