Singapore-based property player and hotelier Hotel Properties Ltd (HPL) is set to further expand its global presence through the proposed acquisition of InterContinental Auckland for NZ$180 million ($138.5 million). This marks HPL’s maiden venture into New Zealand’s hospitality market and its second InterContinental hotel acquisition after the InterContinental Maldives Maamunagau Resort.
According to JLL’s Asia Pacific Hotels & Hospitality Group, which advised on the off-market transaction by New Zealand’s Precinct Properties, this is the largest single hotel asset sale recorded in New Zealand to date. HPL’s purchase of the Auckland hotel comes on the heels of the launch of The Boathouse Tioman, featuring 31 bungalows, and the 176-room The Four Seasons Hotel Osaka in Japan last year.
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HPL has expressed its intentions to further expand its luxury hospitality portfolio in key markets in the Asia Pacific region, led by its experienced hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts. “The proposed acquisition of InterContinental Auckland presents a unique opportunity for us to acquire a premium asset in New Zealand,” says Stephen Lau, chairman of HPL Hotels and Resorts.
The property is strategically located within the bustling NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2024. The hotel’s rooms offer breathtaking views of the Waitematā Harbour, adds Lau. Currently, the hotel has 139 rooms, but there is “ample headroom” to expand to 190 rooms by repurposing the existing office space to meet future demand.