Precinct sells Auckland hotel for $180m

Precinct Properties has announced a conditional agreement to sell the hotel at One Queen Street in Auckland for $180 million.

The hotel, which is operated by InterContinental, opened in early 2024.

The sale, to a purchaser wholly owned by Hotel Properties Limited, is expected to reduce Precinct's committed gearing by about 3%.

Precinct will retain ownership and management of the remaining property at One Queen Street, including the office space on levels 3 to 5.

The transaction is conditional on the completion of subdivision, which is anticipated to be in the third quarter of 2025.