CDL Hospitality, Millennium & Copthorne Hotels enter lease deal for Auckland hotel

Under the 50-year lease deal, they will operate the 453-room Grand Millennium Auckland that is set to open end-2025.

CDL Hospitality Real Estate Investment Trust (H-REIT) and Millennium & Copthorne Hotels New Zealand Limited entered into a five-year lease agreement to operate Grand Millennium Auckland.

The lease agreement between the two firms commenced on 24 November 2025 and can be renewed for another five years, subject to the firms’ mutual agreement.

The H-REIT subsidiary CDL Hospitality Business Trust, as landlord in the agreement, is set to receive rent equivalent to the net operating profit of Grand Millennium Hotel, subject to an annual base rent of $1.463m (NZ$2m), CDL said in a bourse filing.

Grand Millennium Auckland is a 453-room hotel that is close to the SkyCity precinct, Aotea Centre, and Auckland Town Hall, and is undergoing refurbishment that aims to be completed in 2025, it added.

The hotel will benefit from a new subway station and convention centre that are set to open in 2026, CDL said.

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