SkyCity Entertainment Group has entered into a binding agreement to sell The Grand Hotel and its business assets for NZ$221m, as part of its wider asset monetisation programme.
The agreement has been signed with Eden Global Capital (EGC) and Auckland City Collective (ACCL), which are part of a privately owned property investment and development organisation with interests across Australia, Singapore and Southeast Asia.
The transaction remains subject to several conditions, including approval from New Zealand's Overseas Investment Office. SkyCity expects the conditions to be satisfied during the remainder of 2026, with settlement targeted for mid-December.
SkyCity will continue to manage and operate The Grand Hotel on behalf of the new owners during a transitional period ending on 30 June 2027.
The binding agreement follows a non-binding heads of agreement announced in July, when SkyCity disclosed plans for the proposed sale without revealing its financial terms.
The transaction forms part of SkyCity's asset monetisation programme, with proceeds intended to reduce debt and provide additional financial flexibility amid current market conditions.
SkyCity has been pursuing several asset sales as it works to strengthen its balance sheet. The group previously generated NZ$74.5m from the sale of commercial properties and had been targeting aggregate proceeds of NZ$275m to NZ$300m from its monetisation programme by the end of 2026.
Chief Executive Jason Walbridge said the Grand Hotel sale means SkyCity will have raised proceeds above its previous commitment to shareholders.
The Grand Hotel will remain part of the wider SkyCity Auckland precinct following the ownership change, with EGC and ACCL taking ownership while SkyCity completes the agreed transitional management period.
SkyCity will continue operating the hotel until 30 June 2027
