HPL, a prominent player in the property and hotel industries, is taking steps to expand its global presence with the acquisition of InterContinental Auckland for NZ$180 million ($138.5 million). This marks HPL’s first venture into the New Zealand market and its second acquisition of an InterContinental hotel, following the InterContinental Maldives Maamunagau Resort.
JLL’s Asia Pacific Hotels & Hospitality Group, which advised on the sale by Precinct Properties in New Zealand, notes that this off-market transaction is the largest hotel asset sale ever in the country. This move by HPL follows the recent launch of The Boathouse Tioman, a luxury resort in Malaysia featuring 31 bungalows, and the opening of The Four Seasons Hotel Osaka, a 176-room hotel in Japan, last year.
HPL’s latest acquisition in Auckland is in line with its strategy to expand its portfolio of luxury hotels in key markets throughout the Asia Pacific region. The company’s experienced hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts drive this growth.
“The proposed purchase of InterContinental Auckland presents a unique opportunity for us to acquire a premium asset in New Zealand,” says Stephen Lau, chairman of HPL Hotels and Resorts. The property is conveniently connected to the bustling lifestyle precinct Commercial Bay, which opened in January 2024. Guests of the hotel can enjoy stunning views of the Waitematā Harbour, adds Lau.
Although the existing InterContinental Auckland has 139 rooms, there is potential for expansion up to 190 rooms by converting the current office space, should demand require it in the future. HPL is confident that this acquisition will prove to be a valuable addition to their portfolio and contribute to their success as a leading global hospitality company.