Two of Christchurch's largest hotels have been sold as their American owners have quit the country.
The Novotel and Ibis, pictured, in Christchurch have sold for $43 million. Photo: http://www.accorhotels.com/gb/hotel-5983-ibis-christchurch/index.shtml
Host Hotels & Resorts sold the 154-room Novotel and the 155-room Ibis for $43 million ($US31m) to an unnamed overseas investment company.
AccorHotels will continue to manage the hotels.
Commercial real estate company Colliers said the sale was the largest single hotel deal in the past 18 months.
The Christchurch hotels were in the heart of the city, close to Cathedral Square and the proposed Christchurch Convention Centre, Colliers' hotels director Dean Humphries said.
"Record prices were achieved for each asset, so the vendor secured a very large premium. The record prices were also a reflection of the current strength of the New Zealand hotel investment market."
He said record tourist numbers meant there was strong competition for the hotels.
"The hotels were snapped up by a mix of investors with existing hotel assets in New Zealand who have witnessed first-hand the rampant growth in the country's tourism sector over the past two years."
Mr Humphries said Host Hotels & Resorts had sold its complete holding in New Zealand for about $257m, a 38 percent gain on the original reported acquisition price of about $186m in December 2010.