Skyline and Sky City sold the hotel to an Australian private investor Eureka Funds Management for $61.5 million in cash and increased their respective share in the casino from 41% to 46%.
The remaining stake is held by a private South Island-based investment company.
Skyline chairman Barry Thomas said he was "very pleased" with the two transactions.
"This sale allows Skyline to increase its core investment in the casino . . . without contributing additional capital. A solid amount of cash will also be available."
The extra casino shares were picked up from the operator of the Crowne Plaza, InterContinental Hotels Groups Ltd (IHG), through its interest in Premier Hotels, a casino stakeholder.
Sky City chief executive Nigel Morrison said the deal would leave significant cash in the casino kitty.
"Sale of the Christchurch Crowne Plaza at the agreed price is a good outcome for Sky City and the other parties, especially in today's difficult property and funding market."
The sale of the hotel asset meant Sky City could increase its stake in the Christchurch casino without being required to contribute any additional capital and achieve a significant cash surplus.
Both transactions remain subject to certain conditions, including Overseas Investment Office (OIO) approval.
Sky City has a virtual monopoly on casinos in New Zealand and a New Zealand cinema chain, which it withdrew from sale last week after a sale fell through.
