Hotel Properties Ltd (HPL), a prominent property player and hotelier, is broadening its global presence with the planned purchase of InterContinental Auckland for a staggering NZ$180 million ($138.5 million). This marks the company’s debut in New Zealand and its second acquisition of an InterContinental property, following the InterContinental Maldives Maamunagau Resort.
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According to JLL’s Asia Pacific Hotels & Hospitality Group, which facilitated the sale by New Zealand’s Precinct Properties, this off-market deal is the biggest single hotel asset transaction ever in New Zealand.
HPL’s acquisition of the InterContinental Auckland is in line with its strategy of expanding its luxury hospitality portfolio in key markets across the Asia Pacific region. The company attributes this growth plan to its seasoned hospitality management team and strong partnerships with renowned operators like IHG Hotels & Resorts.
Stephen Lau, chairman of HPL Hotels and Resorts, states that this purchase is a valuable opportunity to secure their first premium asset in New Zealand. The property boasts a prime location, seamlessly connected to the bustling NZ$1 billion Commercial Bay lifestyle precinct that opened in January 2024. Lau highlights that the hotel’s rooms offer breathtaking views of the Waitematā Harbour.
Although the existing hotel has 139 rooms, it has the potential to expand to 190 rooms by repurposing the current office space, if the need arises. This ensures ample headroom to cater to future demand. Moreover, HPL’s recent launches, including The Boathouse Tioman in Malaysia with 31 bungalows, and The Four Seasons Hotel Osaka with 176 rooms in Japan last year, reflect the company’s commitment to growing its luxury hospitality portfolio.
In terms of financial performance, HPL’s net fair value profit for FY2024 dropped by 95.1% year-on-year to $27.2 million, as announced earlier. However, with its expansion plans and strong partnerships, the company remains optimistic about its future growth prospects in the Asia Pacific region.