SkyCity Plans Sale Of Grand Hotel
SkyCity Entertainment Group announced a non-binding heads of agreement to sell The Grand Hotel as part of its asset monetisation programme. The deal is conditional on due diligence, binding sale documentation, and approval from the New Zealand Overseas Investment Office, with completion anticipated in late 2026 and terms confidential. Proceeds are earmarked to repay debt and strengthen financial flexibility to navigate current market conditions. Concurrent reporting notes SkyCity has recently sold other Auckland properties for about $74.5 million, reflecting ongoing asset sales. The company has engaged CRBE to market properties and has been exploring monetisation options across its portfolio to achieve deleveraging and liquidity. Company executives have signaled the strategy aims to create a leaner balance sheet to support operational resilience in Australasia's entertainment and hospitality sector.
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