Auckland hails Fu Wah for building signature hotel

Picture taken on Nov 18, 2014, shows a view of the skyline in Auckland. [Photo/IC]

City believes the Chinese company is the right partner for high-end hotel development

The $200 million investment by Beijing-based property developer Fu Wah International Group in the five-star Park Hyatt Auckland serves as a strong signal that Chinese investors have growing interest in global hotel property market, industry experts said.

It is one of the largest foreign investments in New Zealand's tourism infrastructure.

Work on the project on Auckland's Wynyard Quarter waterfront neighbourhood began last week and the hotel is slated for opening in 2018.

Fu Wah won development rights for the hotel after a global investor search process in 2013 led by the land owner, Panuku Development Auckland.

The city council-controlled organization's CEO John Dalzell said Fu Wah stood out as a development partner with its commitment to a long term sustainable investment proposal, respect for the history of the site and its significance to Aucklanders.

"For many years this signature site has been known as the home of our America's Cup sailing team, Emirates Team New Zealand. Being blessed with some of the best views of the Waitemata Harbor and Auckland City, it was always destined for so much more.

"We look forward to the positive impact Park Hyatt Auckland will have on the waterfront and the region," Dalzell said.

Fu Wah Board Director and Overseas Investment General Manager Lim Wong said a further $2.5 million will be spent by Fu Wah to go toward a public promenade, walkway and art display in the area surrounding the hotel.

"It is important that the building is able to be enjoyed by the public as well as creating a public space for everyone to enjoy."

The 195-room hotel, to be managed by the Hyatt Group, will complement Wynyard Quarter's award-winning buildings and public spaces and deliver significant economic benefits to the central business district and nearby areas.

Hyatt Group Asia Pacific President David Udell said it was important to select the right brand to introduce to the new destination.

"Park Hyatt Auckland will be a landmark hotel, delivering a new level of luxury and sophistication to our guests. These elements are increasingly being sought by a growing number of discerning and affluent business and leisure travelers visiting this beautiful harbor city."

This will be the first Park Hyatt hotel in New Zealand, and one of only 37 globally. Fu Wah also recently acquired the Park Hyatt Melbourne.