Brookfield acquires pair of New Zealand hotels

INTERNATIONAL REPORT — Brookfield Asset Management has acquired two hotels in New Zealand, the Rydges Wellington and the Sofitel Queenstown, from Auckland, New Zealand-based NZ Hotel Holdings for NZ$250 million ($150 million), including the cost of repositioning the two assets.

NZ Hotel Holdings is a joint venture led by the state-owned New Zealand Superannuation Fund and including private investors Russell Property Group and Lockwood Group. It acquired Sofitel Queenstown in 2020 for NZ$60 million and Rydges Wellington in 2021 for NZ$100 million.

Located in New Zealand’s capital, the 280-key Rydges Wellington features extensive conference facilities, a popular restaurant and bar and easy access to government, corporate and leisure precincts.

The 84-key Sofitel Queenstown is situated in one of the Southern Hemisphere’s most popular tourism destinations. It includes a full-service spa, fitness and conference facilities, and multiple F&B options.

The acquisition, facilitated by CBRE Hotels, strengthens Brookfield’s hospitality platform in Asia Pacific, following its 2024 purchase of Hotel X in Brisbane and the acquisition of the Gajoen mixed-use complex in Tokyo, including the luxury Hotel Gajoen, which is currently under redevelopment.

Brookfield is a long-term investor in New Zealand and currently manages approximately NZ$1 billion in assets. In April 2025, Brookfield entered into a joint venture with Tainui Group Holdings to develop the Ruakura Logistics Intermodal Superhub in Hamilton.

“We are committed to expanding our high-quality hospitality platform across Asia Pacific. Both Rydges Wellington and Sofitel Queenstown are located in prime markets with strong long-term demand fundamentals,” said Ruban Kaneshamoorthy, co-head of Australia Real Estate for Brookfield. “We see significant potential to enhance their performance through active asset management and targeted capital investment. We continue to look for opportunities to deploy further global capital into New Zealand.”

“The acquisition of these two iconic properties by Brookfield demonstrates the continued appetite for high-quality hotel assets in prime New Zealand locations,” said Michael Simpson, managing director for CBRE Hotels. “Both Wellington and Queenstown remain highly sought-after markets, supported by strong domestic and international tourism demand. Throughout the process, it was apparent that the vendors were going to be able to develop a superior outcome for their investors through a sale of the two hotels rather than including them in a larger portfolio sale.”