Singapore-based real estate company, Hotel Properties Ltd (HPL), has set its sights on expanding its global presence through the purchase of InterContinental Auckland for NZ$180 million ($138.5 million). This acquisition marks HPL’s initial venture into the New Zealand market and its second InterContinental hotel purchase, following the InterContinental Maldives Maamunagau Resort.
The sale was arranged by New Zealand’s Precinct Properties and advised on by JLL’s Asia Pacific Hotels & Hospitality Group. According to JLL, this off-market transaction is the largest single hotel asset sale in New Zealand to date.
HPL’s latest acquisition comes hot on the heels of its recent launch of The Boathouse Tioman, a resort in Malaysia featuring 31 bungalows, and the opening of The Four Seasons Hotel Osaka in Japan, which offers 176 rooms.
HPL has outlined its plans to expand its luxury hospitality portfolio in key markets across the Asia Pacific region, utilizing its experienced hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts.
Mr. Stephen Lau, Chairman of HPL Hotels and Resorts, views the purchase of InterContinental Auckland as a valuable opportunity to acquire a premium asset in New Zealand. The property is strategically located within the NZ$1 billion Commercial Bay lifestyle precinct, which officially opened in January 2024. With sweeping views of the Waitematā Harbour, the hotel’s 139 rooms offer a luxurious and unforgettable experience for guests.
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Should the need arise, the property also has the potential to expand its room capacity to 190 by repurposing existing office space to meet growing demand. With this latest acquisition, HPL is well on its way to establishing a strong presence in the Asia Pacific luxury hospitality market.