Hospitality giant Hotel Properties Ltd (HPL) is expanding its global presence with the planned purchase of the InterContinental Auckland for NZ$180 million ($138.5 million). This will be the company’s first investment in New Zealand and second acquisition of an InterContinental hotel, following the InterContinental Maldives Maamunagau Resort.
According to JLL’s Asia Pacific Hotels & Hospitality Group, which advised on the sale by New Zealand’s Precinct Properties, this off-market transaction is the largest single hotel asset sale in New Zealand. HPL’s move to acquire the Auckland hotel is in line with its strategy to grow its luxury hospitality portfolio in key markets across the Asia Pacific region. This is made possible by the experienced hospitality management team at HPL and its partnerships with renowned operators such as IHG Hotels & Resorts.
HPL’s latest acquisition comes after the successful launch of The Boathouse Tioman in Malaysia, featuring 31 bungalows, and the 176-room The Four Seasons Hotel Osaka in Japan last year. The company’s chairman, Stephen Lau, expressed excitement about the opportunity to acquire their first premium asset in New Zealand. He also mentioned that the property is connected to the bustling NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2024. The hotel rooms offer breathtaking views of the Waitematā Harbour, which will surely be a selling point for potential guests.
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Currently, the InterContinental Auckland has 139 rooms. However, if necessary, it has the potential to expand to 190 rooms by repurposing the existing office space to cater to future demand. This flexibility allows HPL to capitalize on the growing tourism industry in New Zealand and maximize the potential of their investment in the country. As reported in their latest financial statement, HPL’s earnings for FY2024 decreased by 95.1% year-on-year to $27.2 million due to lower net fair value gain. However, with this new acquisition and their strategic expansion plans, the company is poised to bounce back and continue its growth in the hospitality industry.