Auckland's waterfront Hilton Hotel finally sold last week for $51.5 million, to a consortium which includes its developer Dave Henderson.
Monday, December 13th 2004, 1:27AM
by The Landlord
The deal was, in part, the resuscitation of an investment scheme scuppered in October by a downturn in confidence around the property market.
It brings to an end almost two years of trying to offload the glamourous building but leaves a third ownership in the hands of Henderson, whose company Kitchener Group developed the $200 million Princes Wharf.
The other two thirds will be held by Wellington-based St Laurence Group and a small group of Australian and New Zealand investors, who had set up a new entity with Henderson for the purchase.
Kitchener Group chief executive Chris Aiken said Henderson was offered the stake and agreed because he saw it as a good long-term investment.
The five star, 166-room hotel has a 15-year lease arrangement with the hotel manager and occupancy has been running at more than 80 per cent, he said.
