SkyCity Plans Sale Of Grand Hotel

SkyCity Entertainment Group has entered a non-binding heads of agreement to sell The Grand Hotel, with completion contingent on due diligence and approval from the New Zealand Overseas Investment Office, and expects cash proceeds in late 2026 to be used to repay debt as part of its asset monetisation programme. The move comes after SkyCity recently sold four Auckland office buildings for $74.5 million and signals a broader strategy to unlock liquidity and strengthen its balance sheet amid challenging market conditions.