For the first time in three years a major hotel is on the market, and it is expected to attract bids of more than $50 million.
The Novotel Ibis in Ellerslie, Auckland, is the first sale of a New Zealand hotel of more than two-hundred rooms since the Hilton on Auckland's waterfront sold in 2012.
Spokesperson for the commercial real-estate company Colliers International Dean Humphries said the sale was drawing international and local interest.
He said hotel owners may need to revalue their properties after the sale.
"We've been watching with interest the Australian market over the last two years and they have been achieving phenomenally highs prices.
"New Zealand is really seen a very similar market to Australia and the investors that are buying in Australia are also interested in New Zealand."
Expressions of interest in the hotel close on 15 July.
