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Millennium & Copthorne NZ hopes the purchase will open doors to further deals across the ditch.
Refurbishments are soon to start at Copthorne Hotel & Resort Bay of Islands and the Millennium Hotel Rotorua.
The NZ hotel operator is in a joint venture to acquire a 5-star Sofitel for around $190m.
Millennium & Copthorne Hotels managed to increase revenue in 2022 but rising costs ate into profit in another “tough” year for the operator.
The group says hotel operations in NZ “are still challenging” with competition for skilled labour intense for the foreseeable future.
Millennium & Copthorne Hotels New Zealand and landlord CDL Hospitality Trusts have renewed the lease agreement for Grand Millennium Auckland.
Major sporting events will help the recovery from later this year, says the operator.
Harrison will commence the handover process in the coming weeks with retiring managing director BK Chiu.
Vaccine passes will no longer be required to be presented at Millennium & Copthorne hotels, restaurants, bars and meeting venues from 5 April.
Millennium & Copthorne Hotels will reopen the former Kingsgate Hotel Greymouth as Copthorne Hotel Greymouth on 1 March.
Millennium & Copthorne says occupancy across the group fell to 36% for 2021.
The hotel group is the latest operator to require fully vaccinated guests and workers.
Millennium & Copthorne Hotels New Zealand says it has received more than 9000 cancellations because of the latest Covid-19 outbreak.
Millennium & Copthorne’s New Zealand hotel operations stayed in the black in the first half of the year – just.
Millennium & Copthorne Hotels New Zealand expects a difficult year ahead with conditions largely “outside of our control”, says BK Chiu.
A “horrid” year saw average hotel occupancy across the group plummet to 39%.
Occupancy across the group plummeted to 1.5% in April.
Millennium & Copthorne Hotels said revenue per available room at its NZ assets grew by 8.2% in 2017, helping to drive hotel income up by 11.6% to $105.6m for the year to December.
Millennium & Copthorne Hotels has bought New Plymouth’s The Waterfront Hotel.
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