SkyCity sells Auckland hotel to overseas buyer

Wednesday, 22 July 2026

SkyCity has sold its central Auckland hotel to an unnamed overseas buyer.

The casino chain announced on the NZX on Wednesday that it had entered into a non-binding heads of agreement for the sale of the Grand Hotel.

SkyCity Entertainment Group said the transaction remains subject to the negotiation and execution of binding sale and purchase documentation upon satisfactory completion of due diligence.

The transaction’s completion is also expected to be conditional on consent from the New Zealand Overseas Investment Office, SkyCity said.

Although the financial terms of the sale remain confidential, SkyCity said it expected to receive the proceeds in late 2026.

The property at 90 Federal St comes with 312 rooms, restaurants, a business centre, and car parking.

The sale forms part of SkyCity’s previously announced asset monetisation programme, which included the sale of its Auckland head office.

Last week, The Post reported that the company sold its 99 Albert St office building, together with investment properties on Victoria St.

The building was bought by Mainland Capital for $74,500,000 in a joint venture with Russell Property Group.

SkyCity said that the money received under the asset monetisation programme will be used to repay debt and provide the company with “greater financial flexibility” to navigate current market conditions.