Anderson Lloyd assists NZ Hotel Holdings on its purchase of the Rydges Wellington Hotel
Anderson Lloyd is delighted to have assisted NZ Hotel Holdings (owned by Russell Property Group, Lockwood Property Group and the New Zealand Superannuation Fund) on its purchase of the Rydges Wellington Hotel. 2021 was a milestone year for NZ Hotel Holdings who earlier in April also completed the acquisition of the Sofitel Queenstown Hotel and Spa, with assistance from Anderson Lloyd.
The Rydges Wellington Hotel transaction settled in December 2021 after more than a year of negotiating, documenting and implementing the deal. The transaction involved the purchase of more than 300 individual unit titles under 150 separate agreements together with the acquisition of the management rights and business assets of the hotel. To enable the transaction to proceed, an Order of the High Court was also required to consolidate all the unit titles into a single freehold title, making the transaction the largest, and possibly most complex, hotel sale and purchase in New Zealand for 2021. Given the closure of the border and various Covid-19 restrictions, the individual owners had experienced a decline in income over recent times, with expensive earthquake strengthening works soon to be needed. The Court Order resulted in a positive outcome for all owners as they were able cash out on their investment with attractive purchase prices that may not otherwise have been achieved. www.stuff.co.nz/business/Wellington Rydges hotel for about 100 million
The team at Anderson Lloyd was headed by partner Anne McLeod on the corporate and commercial side, with partner Clare O’Shea leading the property components. Assistance was provided by various team members, including partner Ben Johnston on the financing, and associates Tim Lindsay (corporate and commercial) and Anita Wan (property).
The size and complexity of the transaction required Anderson Lloyd to work closely across a number of specialist teams which showcased our ability to operate seamlessly between office locations, and to deliver undisrupted results during the various pandemic-related lockdowns. The nature of the transaction presented a number of unique challenges, all of which were met by the collaborative and results-driven approach to which Anderson Lloyd is renowned for.
Anderson Lloyd congratulate the team at NZ Hotel Holdings for achieving this significant milestone, and thank NZ Hotel Holdings for giving our teams at Anderson Lloyd the opportunity to assist with such a remarkable project.
Anderson Lloyd would also like to acknowledge and thank the team at Buddle Findlay (Daniel Collins, Ed McGimpsey and others) who acted for the majority of unit owners and the hotel operator Hotel Management (Featherston St) Limited. The tireless efforts and co-operation brought by the team at Buddle Findlay aided the seamless completion of the transaction for all parties involved.
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