SkyCity Signs $221 Million Agreement to Sell The Grand Hotel to Eden Global Capital and Auckland City Collective
SkyCity Entertainment Group has signed a sale and purchase agreement to sell The Grand Hotel and its business assets. The buyers are Eden Global Capital and Auckland City Collective, and the agreed price is $221,000,000.
The company confirmed the deal in an announcement released on 16 October 2026. It forms part of SkyCity’s asset monetisation programme, with proceeds directed at repaying debt. The sale is conditional, and settlement is targeted for mid-December 2026.
What the SkyCity Grand Hotel sale involves
The agreement covers The Grand Hotel and its business assets for a total of $221,000,000.
The buyers, Eden Global Capital Private Limited and Auckland City Collective Limited, are described by SkyCity as constituents of a privately owned, diversified property investment and development organisation with interests spanning Australia, Singapore and more widely Southeast Asia.
The transaction is conditional. It requires consent from the New Zealand Overseas Investment Office, and the conditions are expected to be satisfied through the remainder of the year.
Why Eden Global Capital and Auckland City Collective entered the deal
Scott Collins, the director acting for both buyers, pointed to prior experience in the market and a wish to put capital back to work in New Zealand.
Scott Collins, EGC and ACCL Director
“Having previously owned commercial assets in Auckland, as a group we are pleased to have identified the opportunity to redeploy capital back into New Zealand. The nature, asset selection and timing of the acquisition, and the ability to work closely with SkyCity aligned well with our investment aspirations. We look forward to the role that we can fulfil in the continued prominence and success of the SkyCity precinct.”
SkyCity to continue operating the Grand Hotel until 30 June 2027
SkyCity is not handing over the keys at settlement. It has agreed to continue managing and operating the hotel for the incoming purchaser for a transitional period until 30 June 2027.
The company has set out that the transaction forms part of its previously announced asset monetisation programme. Capital proceeds under the programme will be used to repay debt and provide greater financial flexibility to navigate current market conditions.
Jason Walbridge, SkyCity Chief Executive
“We are pleased to have entered a binding agreement to sell The Grand Hotel and to be working with EGC and ACCL to help further strengthen the SkyCity Auckland precinct. With the sale of The Grand Hotel we will have raised proceeds above our commitment to shareholders, materially strengthened our balance sheet and enhanced our financial flexibility. The Grand Hotel has been an important part of the SkyCity precinct for many years and we look forward to it continuing to be a long-term part of the precinct, supported by EGC’s and ACCL’s ownership and commitment to the hotel.”
Overseas Investment Office consent still required
The deal depends on approval from the New Zealand Overseas Investment Office, alongside the other conditions attached to the agreement.
SkyCity has stated that these conditions are expected to be satisfied through the remainder of the year, with settlement targeted for mid-December 2026.
What the Grand Hotel sale means for SkyCity
The sale is one part of a wider asset monetisation programme, which SkyCity has confirmed is aimed at repaying debt and building financial flexibility.
With the transitional management arrangement in place, SkyCity keeps a role in the Auckland precinct into 2027, while the proceeds from the sale go towards strengthening its balance sheet.
Source: SkyCity Entertainment Group
