Brookfield acquires two New Zealand hotels for $148m [Yahoo! Finance]
Brookfield Asset Management Inc Class A Limited Voting Shares (BAM)
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Source: Yahoo! Finance
Brookfield Asset Management has acquired two hotels in New Zealand for approximately NZ$250m ($148m), increasing its portfolio of hospitality assets in the Asia-Pacific region. The purchase includes the 280-room Rydges Wellington and the 84-room Sofitel Queenstown. The seller was NZ Hotel Holdings, a joint venture formed by NZ Super Fund, Russell Property Group and Lockwood Property Group. Brookfield's assets under management in New Zealand now total NZ$1bn. CBRE Hotels negotiated the transaction on behalf of Brookfield. The acquisition follows Brookfield's previous investments in hospitality assets in the Asia-Pacific market, including Hotel X in Brisbane and Tokyo's Gajoen mixed-use complex. Brookfield stated that it remains committed to expanding its presence across the region and is seeking additional opportunities in New Zealand. Brookfield Australia's real estate co-head Ruban Kaneshamoorthy said: “We are committed to expanding our high-quality hospitality platfor
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