New Zealand's sovereign wealth fund NZ Super Fund is investing in a $202m (NZ$300m) hotel portfolio managed by local construction company Russel Group and private investor Lockwood. The phased investment, which is subject to normal closing conditions, includes the Four Points by Sheraton and Adina Auckland Britomart in Auckland, the BreakFree Hotel in Christchurch, and an intention to acquire and develop additional sites. “New Zealand needs additional hotel accommodation to support both growing domestic tourism and international arrivals. There are clear capacity constraints in this sector and we look forward to working with our partners to identify opportunities for future growth,” Will Goodwin, NZ Super Fund’s Head of Direct Investments.