SkyCity Agrees to Sell Auckland’s Grand Hotel for US$124M

SkyCity Entertainment Group has signed a binding agreement to sell The Grand Hotel in Auckland and its associated business assets for NZ$221 million (US$124 million), continuing its efforts to reduce debt through property disposals. The buyers, Eden Global Capital Private Limited (EGC) and Auckland City Collective Limited (ACCL), belong to a privately owned property investment and development organisation with interests across Australia and Southeast Asia, including Singapore. Announced on October 16, the transaction requires several approvals, including consent from New Zealand's Overseas Investment Office.

Source: World Casino News