SkyCity enters agreement to sell The Grand Hotel in Auckland
The casino operator intends to sell The Grand by SkyCity as part of its asset monetisation programme.
New Zealand.- SkyCity Entertainment Group has announced that it has entered into a non-binding agreement for the sale of The Grand by SkyCity hotel in Auckland to an unnamed buyer. The move is the latest step in its asset monetisation programme, which is intended to improve its balance sheet amid challenging market conditions.
The announcement comes less than a week after SkyCity confirmed the sale of its 99 Albert Street office building and investment properties on Victoria Street in Auckland for NZ$74.5m (US$43.6m). The financial terms of the new agreement have not been disclosed, but investment firm Forsyth Barr has suggested that The Grand, is valued at around NZ$200m (US$117m) with recent market activity suggesting the price could reach up to NZ$250m (US$146m). The hotel, opened in 2005, is connected to SkyCity Auckland by a bridge.
SkyCity said proceeds, expected in late 2026, will be used to repay debt and provide the company with greater financial flexibility under its asset monetisation strategy as it navigates the current operating environment while maintaining its core gaming and entertainment operations.
The transaction remains subject to due diligence, the negotiation and execution of binding sale and purchase documentation, as well as approval from New Zealand’s Overseas Investment Office.
