Construction of a foreign-owned $200 million five-star hotel will begin at Auckland's waterfront after Prime Minister John Key turned the sod earlier today.
Beijing-based property developers Fu Wah International Group is behind the 195-room hotel -- one of New Zealand's largest foreign investments in tourism infrastructure.
Fu Wah won development rights for the hotel after a global investor search in 2013 by Panuku Development Auckland.
The site has previously been home to America's Cup sailing team and Emirates New Zealand, but now it will be home to Park Hyatt Auckland.
"Being blessed with some of the best views of the Waitemata Harbour and Auckland City it was always destined for so much more," says Panuku Development Auckland chief executive John Dalzell.
Consul General Ms Lim Wong says a further $2.5 million will be spent by Fu Wah on a public promenade, walkway and art display in the surrounding area.
Artists impression of the promenade (Supplied)
"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," she says.
The hotel will be managed by the Hyatt Group, who globally manages 37 other hotels.
President David Udell says the development will target "affluent business and leisure travellers".
The project will be a joint venture between Chinese and New Zealand construction companies.
Newshub.
