HPL, a leading property player and hotelier, is making moves to expand its global presence with the acquisition of InterContinental Auckland for NZ$180 million ($138.5 million). This marks the company’s first venture into the New Zealand market and its second InterContinental hotel acquisition, following the purchase of InterContinental Maldives Maamunagau Resort.
The transaction, which was done off-market, is considered the largest single hotel asset sale in New Zealand by JLL’s Asia Pacific Hotels & Hospitality Group, who advised on the sale on behalf of New Zealand’s Precinct Properties.
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HPL’s acquisition of the Auckland hotel follows the recent launch of two new properties in Malaysia and Japan – The Boathouse Tioman and The Four Seasons Hotel Osaka, respectively. These developments reflect the company’s plans to expand its luxury hospitality portfolio in key markets in the Asia Pacific region, driven by its experienced management team and strategic partnerships with operators like IHG Hotels & Resorts.
According to Stephen Lau, chairman of HPL Hotels and Resorts, the proposed purchase of InterContinental Auckland presents a unique opportunity to acquire a premium asset in New Zealand. Lau also notes that the property’s location within the vibrant NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2024, offers stunning views of the Waitematā Harbour.
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Currently, the existing hotel has 139 rooms, but there is potential to expand to 190 rooms by repurposing the current office space to meet future demand. With this acquisition, HPL is poised to enter the New Zealand market with a strong foothold, further solidifying its presence in the Asia Pacific region.