MCK - Millennium & Copthorne Hotels NZ Limited

[Basil]

SkyCity rose 7.5c or 12.82% to 66c after announcing it has a conditional agreement for the sale of The Grand Hotel in Auckland. The deal needs the consent of the Overseas Investment Office, and SkyCity is expecting settlement late this year.

It's understood the price for the hotel sale is in the vicinity of $250m, which would reduce SkyCity's net debt of $594m by nearly half. Real estate agents are indicating there's a strong appetite for New Zealand hotel assets.

Market close commentary  - anything an unnamed real estate agent states should be taken with a grain of salt however.....

Unless it pertains to Queenstown Hotels where the sky's the limit !

[Crackity]

Unless it pertains to Queenstown Hotels where the sky's the limit !

The total freehold approximate land area for the key Millennium & Copthorne Hotels (MCK) Queenstown portfolio properties is 281,605 square feet (approx. 26,162 square metres or 2.62 hectares). [1]



Footprint SummaryCopthorne Hotel & Resort Queenstown

Lakefront

4-star hotelApproximate Site Area: 18,709 square metres (1.87 hectares / 201,382 square feet)Location: Corner of Adelaide Street & Frankton Road, Queenstown 9300Strategic Feature: Directly borders the lakeside zone, capturing a massive physical footprint running up the slope from Frankton Road.

Millennium Hotel Queenstown

4-star hotelApproximate Site Area: 7,453 square metres (0.75 hectares / 80,223 square feet)Location: 32 Frankton Road (Corner of Stanley Street), Queenstown 9300Strategic Feature: Placed at a primary town-entrance intersection, positioning its under-structure parking and multi-level resort framing right against the central business district boundary.


Sounds valuable 🤭

[Basil]

Sounds valuable 🤭

Its so nice down there, I love it.  I was born in Southland and feel a real connection to Queenstown as we used to holiday there as kids.  Dad encouraged us to climb Ben Lomand mountain above Bob's Peak where the gondola's upper base is situated and it was exhausting but a lot of fun.  The Queenstown region is just as beautiful and pristine as it was back then...the lake is still very clear.  It must surely be one of the most beautiful places on earth.  Unfortunately everyone wants a piece of it these days and its so busy !!

Gosh that's a lot of lakefront and town front land.