New Zealand is happy with its Chinese business partner for developing a signature hotel in Auckland’s Wynyard Quarter to be erected in 2018.
Beijing's Fu Wah International Group approved a $200 million investment on New Zealand's Park Hyatt Auckland that would allow it to build a signature hotel along the famed waterfront neighborhood.
According to Travel Daily Media, the construction of the five-star hotel began on March 9, the same day as the ground-breaking ceremonies where New Zealand Prime Minister John Key and China's ambassador to New Zealand Hon Wang Lutong partook.
"For many years this site has been known as the home of our America's Cup sailing team, Emirates Team New Zealand, but being blessed with some of the best views of the Waitemata Harbour and Auckland City it was always destined for so much more," said John Dalzell, chief executive for Panuku Development Auckland during the event.
According to China Daily, Fuh Wah gained development rights to the 195-room waterfront hotel in 2013, which ended Panuku Development Auckland's quest in finding an international investor to make the erection of one of New Zealand's biggest tourism infrastructures possible.
Experts in the industry see this as a significant step toward China's expanding interest in properties, particularly hotels that cater to the global market, China Daily reported.
Lim Wong, Fuh Wah's overseas investment general manager and a board director, further revealed that the firm would spend $2.5 million more to create a walkway, art display and public promenade in the streets around 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," he said.
The new Park Hyatt Auckland hotel is set to provide "luxury and sophistication" to tourists visiting the country, complementing already erected Wynyard Quarter public spaces.