Auckland's Stamford Plaza Hotel has been unconditionally sold by its Asian owners for $170 million which is the largest single hotel sale in New Zealand, according to the real estate agency involved.

The deal is yet to settle but that is expected to be before Christmas.

JLL has announced the Albert St hotel has been sold to a newly-formed company Albert Street Hotel. That is owned by a consortium which is national hotel owner CP Group, Alvarium Investments and Archipelago Capital.

The transaction went unconditional yesterday and is due to settle in December.

The vendor is Singapore's Stamford business and the stock exchange in that country has issued a notice about the sale.

The hotel was originally called The Regent and was managed and operated by Stamford Hotels & Resorts as part of the Stamford Group for 27 years.

Nick Thompson, JLL's director of hotels and hospitality in the agency's Auckland office, sold the property.

The hotel has 286 rooms as well as 149 apartments. Those apartments are not included in the $170m deal because they are privately owned.

"There's never been another hotel sold in New Zealand for $170m. The last hotel which sold for more than $100m in this country was the Grand Millenium on Mayoral Dr around 2006," Thompson said.

That transaction was for $113m, Thompson said.