SkyCity Agrees Sale of The Grand Hotel for $221,000,000

SkyCity (ASX:SKC) has signed a binding agreement to sell The Grand Hotel and its business assets as part of its previously announced asset monetisation programme, with proceeds to be used to repay debt.

The sale price is $221,000,000. The buyers are Eden Global Capital Private Limited and Auckland City Collective Limited, which SkyCity describes as constituents of a privately owned, diversified property investment and development organisation with interests spanning Australia, Singapore and more widely Southeast Asia. SkyCity has agreed to continue to manage and operate the hotel on behalf of the purchaser for a transitional period until 30 June 2027. The company says capital proceeds from the programme will be used to repay debt and give it greater financial flexibility to navigate current market conditions. Chief Executive Jason Walbridge says that with this sale SkyCity will have raised proceeds above its commitment to shareholders.

The transaction is conditional, including on consent from the New Zealand Overseas Investment Office, with the conditions expected to be satisfied through the remainder of the year and settlement targeted for mid-December 2026. The release does not state the hotel's book value, any expected gain or loss on sale, or how much debt will be repaid.