HPL (Hotel Properties Ltd), a leading player in the property and hotel industry, is making strides in expanding their global reach with the acquisition of InterContinental Auckland, worth NZ$180 million ($138.5 million). This marks a significant milestone for the group as it will be their first investment in the New Zealand market, and their second InterContinental hotel acquisition after the successful launch of InterContinental Maldives Maamunagau Resort.
The transaction was an off-market deal, facilitated by JLL’s Asia Pacific Hotels & Hospitality Group, who advised on the sale by New Zealand’s Precinct Properties. According to JLL, this is the largest single hotel asset sale ever recorded in New Zealand. The purchase of the Auckland hotel comes shortly after HPL opened The Boathouse Tioman in Malaysia, offering 31 luxurious bungalows, and the 176-room Four Seasons Hotel Osaka in Japan, last year.
HPL has expressed their ambition to expand their portfolio of upscale hospitality properties across the Asia Pacific region, with a strong emphasis on key markets. This is driven by their experienced hospitality management team and partnerships with renowned operators like IHG Hotels & Resorts. Chairman of HPL Hotels and Resorts, Stephen Lau, states that the potential acquisition of InterContinental Auckland presents a rare opportunity for HPL to acquire a premium asset in New Zealand.
Located in the vibrant NZ$1 billion Commercial Bay lifestyle precinct, InterContinental Auckland is strategically positioned to offer guests panoramic views of the Waitematā Harbour. The property, which currently has 139 rooms, also has the potential to expand its capacity to 190 rooms by repurposing its existing office space to meet future demands. With its prime location and potential for growth, HPL is confident that the acquisition of InterContinental Auckland will be a valuable addition to their luxury hospitality portfolio.