Auckland hails Fu Wah for building signature hotel
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E-mail China Daily, March 17, 2016
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.
"The growing inbound tourist sector together with New Zealand's reputation of being one of the best places in the world to do business made Auckland the ideal location for our newest Park Hyatt," said Udell.
Park Hyatt Auckland was designed by Singaporean-headquartered AR+D Studio principal Ali Reda and local award-winning firm Bossley Architects, with interior design by Conran + Partners.
The project will be a joint venture between Chinese and New Zealand-based construction companies, with details of the partnership to be announced in April.
Lu Jinyong, a professor at the University of International Business and Economics in Beijing, said China's overseas investment is expected to exceed foreign investment in this country in two years.
Last year Chinese mainland's investment abroad ranked No 3 at $130 billion, following No 2 Hong Kong at $165 billion and No 1 the United States at $384 billion.
"To invest in the hospitality property market in a tourism country such as New Zealand has a bright future and a controllable risk," said Lu.
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