Colliers International, which was co-adviser on the deal, said it was the country's largest single hotel transaction for nearly a decade.
The 273-room Novotel Queenstown Lakeside, one of seven owned by listed United States company Host Hotels & Resorts Inc, was sold on November 12 to a New Zealand hotel investor.
Colliers national director of hotels Dean Humphries said 2015 was a significant year for hotel transactions, which had reached just over $290million so far, just shy of nearly $300million in 2010.
Host is disposing of all its hotels in the Asia-Pacific region and told investors: ''The company expects proceeds of the sale to be used to repay the property's existing $30million mortgage loan and for general corporate purposes, including funding the stock repurchase programme.''
Mr Humphries said hotel occupancy levels and room rates were reaching records across the country.
