Singapore-based group buys CQ Hotels on Wellington's Cuba Street
Colliers International has brokered the sale of CQ Hotels Wellington on the capital’s iconic Cuba Street.
Naumi Hotels, the Singapore-based private hotel owner and operator, has entered into an agreement for the purchase of the hotel assets for an undisclosed sum.
Dean Humphries, National Director of Hotels for Colliers International, negotiated this transaction on behalf of both parties.
The first hotel is located in the heart of Wellington’s lively Cuba Street within an iconic heritage building, complete with a detailed facade dating back to the early 1900s.
The property has 115 modern rooms and a spacious ground level floor with retail units and a restaurant.
The second hotel is a charming property also located on the same bustling street, offering all suite rooms with floor to ceiling windows and kitchen facilities in all rooms.
The property offers a state of the art conference and function centre, an indoor heated swimming pool, gym and multiple food and beverage options.
Cuba Street is billed as Wellington’s “coolest street”, a famous slice of bohemia packed with culinary and creative flavour.
Brimming with art galleries, quirky cafes, acclaimed restaurants and vintage boutiques, the area is a hub for all visitors to New Zealand’s capital city.
Handover for both properties is expected to be completed by late 2018 and this will add another 178 rooms to Naumi Hotels’ already growing presence of design hotels in the region.
“With the rise in experiential travel, New Zealand is definitely a hot favourite with millennial travellers and we see a lot of potential in Wellington for something new and vibrant and believe Naumi is the right fit,” says Gaurang Jhunjhnuwala, CEO of Naumi Hotels Australia and New Zealand.
News of the sale comes in the same month as the official launch of Naumi Hotels’ new Auckland property, Naumi Auckland Airport, after a multi-million dollar renovation.
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