Millennium & Copthorne Hotels New Zealand has reached a conditional agreement to buy land in the Whangarei CBD, with the intention of developing a four-star hotel.

The land on Dent Street has a purchase price of $2.15 million. The hotel will be Millennium & Copthorne's first hotel in Whangarei - the company, the second-largest hotel chain in New Zealand, has three hotels in Northland, in the Bay of Islands, Hokianga, and Paihia.

The hotel group owns and manages around 21 hotels in New Zealand under the Millennium, Copthorne, Kingsgate, and Grand Millennium brands.