SkyCity agrees heads of terms for Grand Hotel sale

SkyCity Entertainment Group has entered into a non-binding heads of agreement for the sale of The Grand Hotel at its Auckland entertainment complex.

The proposed transaction remains subject to satisfactory due diligence and the negotiation and execution of binding sale and purchase documentation. Completion is also expected to require consent from New Zealand’s Overseas Investment Office.

SkyCity is targeting receipt of the sale proceeds in late 2026, once all conditions precedent have been met. The operator said the financial terms and identity of the prospective buyer remain confidential at this stage.

The transaction forms part of SkyCity’s previously announced asset monetisation programme. Proceeds generated through the programme will be used to reduce debt and provide the group with greater financial flexibility as it navigates current market conditions.