HPL, a well-known player in the property and hotel industry, is expanding its global presence with the recent acquisition of InterContinental Auckland at a cost of NZ$180 million ($138.5 million). This marks HPL’s first asset in New Zealand and its second InterContinental hotel acquisition, following the InterContinental Maldives Maamunagau Resort.
This off-market deal, advised by JLL’s Asia Pacific Hotels & Hospitality Group, is the largest single hotel asset sale ever in New Zealand. The sale was carried out by the country’s Precinct Properties. HPL’s purchase of the Auckland hotel is preceded by the launch of The Boathouse Tioman, a collection of 31 bungalows, and The Four Seasons Hotel Osaka, a 176-room property, in Malaysia and Japan respectively, last year.
HPL has expressed its intention to expand its portfolio of luxury hospitality properties in key markets across the Asia Pacific region, driven by its experienced hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts.
Chairman of HPL Hotels and Resorts, Stephen Lau, describes the proposed acquisition of InterContinental Auckland as a rare opportunity to acquire a premium asset in New Zealand. The hotel is conveniently situated near the bustling NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2024. Guests can enjoy magnificent views of the Waitematā Harbour from the hotel rooms, according to Lau.
Although the existing hotel has 139 rooms, it has the potential to expand to 190 rooms by repurposing its current office space, to meet the growing demand, if necessary.
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