Hpl Makes First Foray New Zealand Proposed Purchase Intercontinental Auckland 1385 Mil
Hotel Properties Ltd (HPL), a leading property and hospitality company, continues to expand its global presence with its latest acquisition of InterContinental Auckland for NZ$180 million ($138.5 million). This marks HPL’s first investment in New Zealand and its second InterContinental hotel acquisition, following the successful purchase of InterContinental Maldives Maamunagau Resort.
According to JLL’s Asia Pacific Hotels & Hospitality Group, which provided advisory services for the sale by New Zealand’s Precinct Properties, this off-market transaction is the largest single hotel asset sale in New Zealand to date.
HPL’s purchase of the Auckland hotel is in line with its strategy to expand its luxury hospitality portfolio in key markets across the Asia Pacific region. The company’s experienced hospitality management team and strong partnerships with renowned operators like IHG Hotels & Resorts will drive this growth.
“The proposed acquisition of InterContinental Auckland presents a unique opportunity for HPL to acquire a premium asset in New Zealand,” says Stephen Lau, chairman of HPL Hotels and Resorts.
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Situated in the vibrant NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2020, the hotel offers stunning views of the Waitematā Harbour. With 139 existing rooms, the property also has the potential to expand to 190 rooms by repurposing office space to meet future demand.
This acquisition follows the recent launch of The Boathouse Tioman in Malaysia, featuring 31 bungalows, and the 176-room The Four Seasons Hotel Osaka in Japan last year.
In light of the current challenging market conditions, HPL’s decision to expand its hospitality portfolio demonstrates its confidence in the long-term potential of the luxury hotel sector in the Asia Pacific region. Despite a decline in earnings due to lower net fair value gain, the company remains committed to its growth strategy and will continue to identify attractive investment opportunities to enhance its portfolio.