Plans have been unveiled for a new $NZ200 million ($AU186.50 million) five-star hotel on Auckland's waterfront.
The 200-room hotel, which has yet to be named, will be financed by Chinese company the Fu Wah International Group, in collaboration with Auckland Council’s Waterfront Auckland, which says the hotel is believed to be one of the largest foreign investments in New Zealand public infrastructure.
Auckland Mayor Len Brown says the development is a direct result of a trade mission to China in 2012.
The hotel’s proponents say construction will create more than 1300 full-time jobs and add more than $100 million to Auckland’s GDP. It will need approval from the Overseas Investment Office and resource consent before construction on the project can begin.
Work on the hotel is expected to begin next year and completed in 2017.
Fu Wah is a real estate investment company which was established in Hong Kong in 1988 and has expanded into China. It already owns the Park Hyatt hotel in Melbourne.