HPL, a property and hotel company, is making strides in expanding its global presence through the purchase of InterContinental Auckland for NZ$180 million ($138.5 million). This acquisition marks the group’s first venture into New Zealand and its second InterContinental hotel purchase, following the InterContinental Maldives Maamunagau Resort.
According to JLL’s Asia Pacific Hotels & Hospitality Group, the off-market deal is the largest single hotel sale in New Zealand to date. The sale was facilitated by Precinct Properties, a New Zealand-based company. This purchase is part of HPL’s efforts to broaden its luxury hospitality portfolio in key markets across the Asia Pacific region. This is supported by the group’s experienced hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts.
“We are excited about the opportunity to acquire our first premium asset in New Zealand through the InterContinental Auckland purchase,” says Stephen Lau, chairman of HPL Hotels and Resorts. The property is situated within the bustling NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2024. The hotel rooms offer stunning views of Waitematā Harbour, making it a desirable location for guests.
Currently, the hotel has 139 rooms, but it has the potential to expand to 190 rooms in the future. This can be achieved by repurposing the existing office space to meet the anticipated demand. HPL’s recent acquisitions, such as the 31-bungalow The Boathouse Tioman in Malaysia and the 176-room The Four Seasons Hotel Osaka in Japan, are indicative of the group’s commitment to expanding its luxury portfolio in the Asia Pacific region.
In the financial year of 2024, HPL saw a decline of 95.1% in earnings, amounting to $27.2 million, due to a decrease in net fair value gain. With the proposed acquisition of InterContinental Auckland, HPL hopes to see a boost in its earnings in the years to come.