CBRE’s six-monthly roundup of the biggest commercial property sales show New Zealand's hotel market drawing renewed investor interest, with offshore buyers active.
Three hotel property transactions brokered by CBRE were among the largest commercial property sales in the first half of 2026 and all were purchased by overseas investors.
CBRE Research's latest New Zealand Transaction Monitor, which tracks sales above $5m, shows hotels accounted for 17 per cent of total transaction value in the six months to June, from only six sales.
The most significant hotel deal was the dual sales of Rydges Wellington and Sofitel Queenstown to Canadian fund manager Brookfield Asset Management, with the two transactions amounting to $200m.
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The QT Auckland Hotel also sold to Australian group EVT for $87.5m, with all three hotel sales negotiated by CBRE director of hotels capital markets Peter Hamilton.
International buyers have been largely absent from the New Zealand hotel market since 2019 and their return marks a change in the sector's buyer pool, Hamilton said.
"A much broader set of buyers is looking at New Zealand tourism assets, with demand from local and international high net worth investors, owner-operators, family offices, private equity groups and institutional capital.
"New Zealand offers relative value against other Asia-Pacific markets and the sector is showing much greater liquidity than it has for several years."
The increased hotel activity sits within a wider transactional market that has held steady, said Jorge Chang Urrea, CBRE research manager.
“The total value of commercial property sales reached $2.02 billion across 79 transactions, similar in value to the first half of 2025.
"For higher-value deals above $20m, the total value in H1 was $1.51 billion, up 8 per cent on the same period last year.”
The office sector took the top position, with $547m worth of property changing hands. Just two transactions made up most of this total: Precinct Properties' $300m sale of half of the PwC Tower and Kiwi Property's $205m sale of ASB North Wharf, said CBRE executive chairman Brent McGregor.
"Two Auckland office sales above $200m happened to conclude in the same six month period, skewing the results towards the office sector. Take those two out and office market activity looks very subdued.
"The hotel result is the one that reflects a genuine move in where capital is going, as well as proving the renewed offshore investor interest in New Zealand assets."
Retail property took 18 per cent of total transaction value in H1, spread across 16 sales, while industrial property made up 24 per cent of the total value in 34 transactions.
Christchurch was the only main centre to beat its five-year semi-annual average, at $413m of sales in H1 against a $385m average.
Non-listed managed funds were the most active buyers of property above $20m, at 57 per cent of volume, while listed property vehicles led the vendor side at 40 per cent. CBRE acted on five of the 10 largest sales of the half.
TOP COMMERCIAL PROPERTY SALES, JANUARY-JUNE 2026
1 PwC Tower (half share), Auckland: $300m
2 ASB North Wharf, 12 Jellicoe Street, Auckland: $205m (CBRE)
3 Rydges Wellington and Sofitel Hotel Queenstown: $200m combined portfolio value (CBRE)
4 Woolworths NZ shopping centres portfolio, various locations: $98.3m
5 429 and 465 Frankton Ladies Mile Highway, Queenstown: $93m (CBRE)
6 QT Auckland Hotel, Auckland: $87.5m (CBRE)
7 Tait Campus, 558 Wairakei Road and 245 Wooldridge Road, Christchurch: $70m
8 Dress Smart Christchurch, 411 Main South Road, Christchurch: $64.8m
9 Castle Rock Business Park, Christchurch: $61m
- Supplied by CBRE
