The EVT Ltd (ASX: EVT) share price is in focus after the company announced it will acquire QT Auckland for NZ$87.5 million (~A$76 million), strengthening its owned hotel portfolio and extending its QT brand presence in the region.
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What did EVT report?
- Acquisition of QT Auckland, a 150-room premium lifestyle hotel, for NZ$87.5 million (~A$76 million)
- Strategic expansion aligns with hotel division growth strategy and asset ownership in key city locations
- Divestment of Rydges Geelong for $24.5 million as part of capital recycling initiative
- Completion of both transactions expected early in the 2026 calendar year
- QT Auckland has won multiple industry awards since opening in 2020
What else do investors need to know?
This acquisition secures long-term brand presence for EVT in Auckland's vibrant Viaduct precinct—an area popular with business and leisure travellers. The purchase cements EVT's strategic approach to focus on high-performing hotels in major city locations.
Funds from the sale of Rydges Geelong, described as a non-core asset, will be redirected to support this investment. EVT's asset recycling program is designed to strengthen its property portfolio and improve profitability by investing in flagship locations.
The QT brand continues to grow both locally and internationally, with new openings such as QT Singapore and plans for QT Parramatta to open in 2027.
What did EVT management say?
EVT CEO Jane Hastings said:
We are pleased to secure ownership of one of our flagship QT hotels, reinforcing our commitment to growing earnings from owned hotel assets and advancing our broader hotel brand strategy. This investment also complements the upcoming conversion of our Queenstown property to the QT brand, which will be an exceptional property in one of our strongest markets, with Auckland serving as a key feeder market for international visitors to Queenstown.
What's next for EVT?
Looking ahead, EVT plans to complete both the QT Auckland acquisition and the Rydges Geelong sale in early 2026, subject to conditions being met. The company aims to drive further growth with its asset-light QT brand expansion, hotel management agreements, and innovative brand extensions such as qtQT cabins.
Management has highlighted a focus on portfolio optimisation, international market entry, and ongoing capital recycling to maximise returns for shareholders. The opening of QT Parramatta and further brand rollouts are expected to complement the Group's growth strategy.
EVT share price snapshot
Over the past 12 months, EVT shares have risen 15%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has increased 7% over the same period.
