SkyCity sells Grand Hotel to Eden Global Capital Private and Auckland City Collective for $221m
SkyCity Entertainment Group has sold its Grand Hotel in Auckland for $221 million to Eden Global Capital and Auckland City Collective. This sale brings the company's total asset divestment to nearly $300 million, exceeding their original financial targets.
Why it matters
The sale is a strategic move by the casino operator to strengthen its balance sheet and recover from recent financial pressures.
SkyCity has struck a $221 million deal to sell its Grand Hotel in central Auckland, taking the casino operator’s property disposals to almost $300m as it seeks to repair its balance sheet.
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