Millennium & Copthorne Hotels has entered into a conditional agreement to purchase land in Whangarei's CBD for $2.24 million.
The agreement, reached with the Whangarei District Council, is still subject to due diligence.
MCK's managing director, Stuart Harrison, expressed the company's enthusiasm for the project, noting it as an opportunity for growth and a return to Whangarei.
The 3160 square metre site has been earmarked for hotel use since 2012.
Prior to finalising the agreement, Millennium & Copthorne Hotels will conduct a detailed feasibility study for the hotel's construction and work with the council on planning consents.
The settlement is expected to occur in the second quarter of 2024.
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