Wellington-based investment group St Laurence is to buy Auckland's landmark Hilton Hotel on Princes Wharf St for $51 million and will fund the purchase through a "proportionate ownership scheme".
Monday, September 6th 2004, 7:32AM
by The Landlord
St Laurence is offering investors 1188 shares in the scheme at $25,000 each, raising $29.7 million. The balance of the purchase price would be met with secured borrowings.
St Laurence managing director Kevin Podmore said the five-star, 166-room hotel would be purchased fully leased to hotel manager Princes Wharf Hotel Ltd.
Hilton International, a subsidiary of London-based Hilton Group, will continue to operate the hotel at the site under an agreement that runs until 2016.
