Brookfield splashes $250m to acquire and reposition Rydges Wellington, Sofitel Queenstown

11th March 2026 By Paul Yandall | paul@propertyticker.co.nz | @propertyticker

Brookfield Asset Management is acquiring Rydges Wellington and Sofitel Queenstown from New Zealand Hotel Holdings.

The US-based global alternative asset manager said it will spend around $250m to purchase and reposition the two hotels. The purchase price was not disclosed.

“We are committed to expanding our high-quality hospitality platform across Asia Pacific,” Brookfield co-head of Australia real estate Ruban Kaneshamoorthy said.

“Both Rydges Wellington and Sofitel Queenstown are located in prime markets with strong long-term demand fundamentals.

“Brookfield will invest approximately $250m to acquire and reposition the two assets, and we see significant potential to enhance their performance through active asset management and targeted capital investment.”

Kaneshamoorthy added that Brookfield continued to look for opportunities in New Zealand, with around $1bn in assets under management already in the country. The company has around US$1tn in assets under management around the world.

NZ Hotel Holdings, a joint venture between NZ Super Fund, The Russell Property Group and Lockwood Property, put its seven hotels up for sale in May last year – the largest portfolio of its kind to come to market in New Zealand.

The properties comprised Auckland hotels Four Points by Sheraton, QT Auckland, and Adina Apartment Hotel Britomart, as well as Rydges Rotorua and Rydges Wellington, Sofitel Queenstown Hotel and Spa, and BreakFree on Cashel in Christchurch.

The joint venture purchased the 5-star 84-room Sofitel Queenstown at 8 Duke Street in 2020 for around $60m and the 280-room Rydges Wellington on Featherston Street for just north of $100m in 2021.

NZ Hotel Holdings chief executive Marcus Reinders said he was pleased to complete the sale of the two hotels to a “highly regarded global investor with significant experience in the hospitality sector”.

“Both hotels are exceptional assets in prime New Zealand destinations, with Sofitel Queenstown achieving a record price per key in New Zealand,” Reinders said.

“We are confident they will continue to perform strongly under Brookfield’s ownership. The transaction reflects the quality of the assets NZ Hotel Holdings has developed and the continued investor interest in well-located hotel properties in New Zealand.”

The deal follows the sale by NZ Hotel Holdings of QT Auckland’s leasehold for $87.5m in December to EVT.

The latest transaction was negotiated by CBRE’s Michael Simpson, Peter Hamilton and Nick Hill.