Global real estate company Hotel Properties Ltd (HPL) is taking steps to further expand its presence by acquiring InterContinental Auckland for a total of NZ$180 million ($138.5 million). This move marks HPL’s first venture into New Zealand and their second acquisition of an InterContinental hotel, following their purchase of InterContinental Maldives Maamunagau Resort.
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The sale, advised by JLL’s Asia Pacific Hotels & Hospitality Group, is the biggest single hotel asset transaction ever recorded in the country. HPL’s latest investment in Auckland comes on the heels of their previous openings of The Boathouse Tioman in Malaysia, featuring 31 bungalows, and the 176-room The Four Seasons Hotel Osaka in Japan.
HPL’s goal is to extend its luxury hospitality portfolio throughout key markets in the Asia Pacific region, with the support of their skilled hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts. Stephen Lau, chairman of HPL Hotels and Resorts, highlights that the acquisition of InterContinental Auckland presents a rare opportunity to acquire a premium asset in New Zealand. The property is strategically situated near the bustling NZ$1 billion Commercial Bay lifestyle precinct, which officially launched in January 2024. The hotel rooms themselves offer unparalleled views of the Waitematā Harbour, according to Lau.
While the current hotel boasts 139 rooms, there is ample potential to increase capacity to 190 rooms by converting the current office space to meet future demands. This acquisition aligns with HPL’s goal of expanding their presence in the Asia Pacific region, and they are eager to continue their growth with the addition of InterContinental Auckland to their portfolio.