HPL to purchase the 139-room InterContinental Auckland for $138.5 mil (Photo: HPL)
Property player and hotelier Hotel Properties Ltd (HPL) is expanding its global footprint with the proposed acquisition of InterContinental Auckland for NZ$180 million ($138.5 million). It marks the group's first asset in New Zealand and its second InterContinental hotel acquisition after InterContinental Maldives Maamunagau Resort.
The off-market transaction represents the largest single hotel asset sale ever in New Zealand, says JLL’s Asia Pacific Hotels & Hospitality Group, which advised on the sale by New Zealand’s Precinct Properties.
HPL's Auckland hotel purchase comes on the back of the launch of The Boathouse Tioman in Malaysia, featuring 31 bungalows, and the 176-room The Four Seasons Hotel Osaka in Japan last year.
HPL intends to expand its luxury hospitality portfolio across key markets in the Asia Pacific region, driven by its experienced hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts.
"The proposed acquisition of InterContinental Auckland is a rare opportunity to acquire our first premium asset in New Zealand," says Stephen Lau, chairman of HPL Hotels and Resorts.
The property is seamlessly connected to the vibrant NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2024. The hotel rooms offer sweeping views of the Waitematā Harbour, adds Lau.
The existing hotel has 139 rooms. However, if needed, it has "ample headroom" to expand to 190 rooms by repurposing the current office space to meet future demand.