• Two high profile Christchurch hotels have been sold for $43 million, earning the American owners a big profit as they quit their New Zealand investments.

The 155-room Novotel in Cathedral Square is close to the Government’s planned convention centre, while the 155-room Ibis is at 107 Hereford St.

The deal includes the 60-year leasehold interest over the land, the buildings, and the businesses of the central city’s Novotel and Ibis hotels.

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The Ibis in Hereford St, Christchurch, which was sold along with the Novotel for $43m.