A deal has been signed to build a $65 million hotel at Auckland Airport in time for the 2011 Rugby World Cup.
The 260-room Novotel property is a joint venture between airport company Tainui Group Holdings and hotel operator Accor Hospitality.
The four-star hotel will be built near the airport's international terminal in time for the showpiece tournament.
Tainui will be the lead developer and investor, taking a 70% interest, Auckland International Airport will take a 20% stake and Accor Hospitality will manage the hotel.
Tainui Group Holding chief executive Mike Pohio says the deal is conditional on finance and the completion of construction tenders, but it will be up and running in 2011.
Mr Pohio says it is primarily a business hotel and will be viable as demand for air travel picks up and the success of the hotel is not reliant on the 2011 Rugby World Cup.
He will not say how much of the deal involves equity and how much involves debt, citing confidentiality.
