HPL, a property player and hotelier, is expanding its global reach with plans to acquire InterContinental Auckland for NZ$180 million ($138.5 million). This will be HPL’s first property in New Zealand and its second InterContinental hotel, following the acquisition of InterContinental Maldives Maamunagau Resort.
According to JLL’s Asia Pacific Hotels & Hospitality Group, who advised on the sale by Precinct Properties, this off-market deal is the largest single hotel asset sale ever in New Zealand. The purchase of the Auckland hotel is part of HPL’s strategy to expand its luxury hospitality portfolio in key markets of the Asia Pacific region, supported by its experienced management team and partnerships with operators such as IHG Hotels & Resorts.
HPL’s recent additions to its portfolio include The Boathouse Tioman in Malaysia, featuring 31 bungalows, and The Four Seasons Hotel Osaka in Japan, both launched last year. The group has also seen a decline in earnings, with FY2024 profits falling by 95.1% to $27.2 million due to lower net fair value gain.
Chairman of HPL Hotels and Resorts, Stephen Lau, sees the acquisition of InterContinental Auckland as a rare opportunity to acquire a premium asset in New Zealand. The property is conveniently connected to the vibrant NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2024. Its hotel rooms offer stunning views of the Waitematā Harbour, making it an attractive destination for guests.
Currently, the hotel has 139 rooms, but there is room for expansion if needed. With the possibility to repurpose current office space, the hotel could potentially accommodate 190 rooms in the future to cater to the growing demand.