SkyCity confirms name of The Grand Hotel buyer

The divestment is part of SkyCity’s asset monetisation programme.

Key takeaways:

• The buyer consortium for The Grand Hotel comprises Eden Global Capital Private Limited (EGC) and Auckland City Collective Limited (ACCL).
• Settlement is targeted for mid-December 2026. SkyCity would continue to operate the hotel until June 30 2027.

New Zealand.- SkyCity Entertainment Group has confirmed details of its agreement for the sale of The Grand Hotel in Auckland. The buyer consortium consists of Eden Global Capital Private Limited (EGC) and Auckland City Collective Limited (ACCL), part of a privately owned, diversified property investment and development group with operations across Australia, Singapore and Southeast Asia.

The consortium has agreed to buy The Grand and associated business assets for NZ$221m (US$124m). The deal remains subject to regulatory approvals, including consent from New Zealand’s Overseas Investment Office (OIO). Conditions are expected to be satisfied in the coming months, with settlement targeted for mid-December 2026.

Under the terms of the agreement, SkyCity will continue to manage and operate the 312-room luxury hotel on behalf of the new owners during a transitional period lasting until June 30 2027.

The divestment forms a core component of SkyCity’s asset monetisation programme aimed at strengthening its balance sheet and reducing net debt, providing increased financial flexibility amid ongoing market conditions.

Jason Walbridge, chief executive officer of SkyCity, commented: “We are pleased to have entered a binding agreement to sell The Grand Hotel and to be working with EGC and ACCL to help further strengthen the SkyCity Auckland precinct. With the sale of The Grand Hotel, we will have raised proceeds above our commitment to shareholders, materially strengthened our balance sheet and enhanced our financial flexibility.”

Scott Collins, director at EGC and ACCL, added: “Having previously owned commercial assets in Auckland, as a group we are pleased to have identified the opportunity to redeploy capital back into New Zealand. The nature, asset selection and timing of the acquisition, and the ability to work closely with SkyCity aligned well with our investment aspirations.”