PHOTO:SUPPLIED The three-storey, 32-unit Parklane Motor Inn on Auckland’s North Shore has been bought by an Asian investor for $11.5m.
An Auckland motor lodge has been bought sight unseen for $11.5 million by an Asian investor with motel brokers saying it’s not all doom and gloom in the industry.
Negotiations for the three-storey, 32-unit Parklane Motor Inn in Takapuna started during the level 4 lockdown so the investor could not travel to New Zealand but had representatives here who could carry out the due diligence for him, Bayleys Hotels, Tourism and Leisure national director Wayne Keene said.
The investor who bought the business and the property including the land of 3116 square metres wanted to remain confidential and also had assets in Asia, Australia and Europe.
The investor intended to spend a lot of money on doing it up. It was going to remain a motor lodge but at a higher standard, Keene said.
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