53
ANNUAL REPORT 2014
(1) The property was valued by Colliers International New Zealand Limited using the Initial
Year Capitalisation and Discounted Cash Flow approaches.
(2) Based on the average exchange rate of NZ$1.00 = S$1.0489.
The 452-room Rendezvous Grand Hotel Auckland is a prime 12-storey atrium-styled
Qualmark Rate 4.5-star hotel located in New Zealand’s main gateway city. It is situated
in the heart of Auckland, only 600 metres south of the Sky City entertainment complex,
and minutes from all major commercial buildings and the University of Auckland.
A key highlight of the hotel’s location is its proximity to The Edge, Auckland’s prime
convention precinct which comprises four of Auckland’s finest venues: Aotea Centre,
The Civic, Auckland Town Hall and Aotea Square. The hotel is conveniently linked
to The Edge by an exclusive underground pedestrian tunnel.
The hotel has complementary and extensive conference facilities with approximately
4,336 sq m of meeting space that can accommodate up to 1,000 delegates. It also
provides a full-serviced business centre which offers additional boardrooms.
The hotel offers varied dining options from an extensive buffet breakfast, and a la
carte dinner menu in Straits Cafe to Japanese cuisine in Katsura, room service and
light lunch and dinner options in Atrium Lounge.
Rendezvous Grand Hotel Auckland holds the Qualmark Ranking 4 Star Plus 2012-
2014 and TripAdvisor Certificate of Excellence 2012-2014. The hotel also won the
New Zealand Hotel of the Year for the NCC Group Series in 2014.
PROPERTY DETAILS
Number of guest rooms:
452
Number of food & beverage outlets:
Threeoutlets comprisingStraitsCafé, Katsura
Japanese Restaurant and theAtriumLounge
Banquet/Conference/Meeting facilities:
16 function rooms comprising over 4,336
sq m of meeting space offering a variety
of flexible multifunction rooms that can be
used for intimate board meetings through
to large gala dinners, exhibitions or cocktail
functions for up to 1,000 delegates
Car park facilities:
258 car park lots
Land area:
5,910.0 sq m
Title:
Freehold
Vendor:
Abacus FundsManagement Limited
as trustee of Abacus NZ Holdings Trust
Purchase price at 19 December 2006:
NZ$113.0 million
Valuation
(1)
as at 31 December 2014:
NZ$100.0 million
MASTER LEASE DETAILS
Master lessee:
Rendezvous Hotels (NZ)
Limited, a subsidiary of Rendezvous Hotels
International Private Limited
Term of lease with master lessee:
10 years
commencing from 7 September 2006 and
the master lessee has an option to renew
for another 5 years
Minimum rental income:
Base rent of
approximately NZ$9.8 million in FY 2014
which further escalates at a rate of 2.75%
per annum
KEY FINANCIALS
Rental income from the property for
FY 2014:
S$10.2 million
(2)
(NZ$9.8 million)
Net property income from the property
for FY 2014:
S$10.2million
(2)
(NZ$9.8million)
