HPL, a leading property player and hotelier, is making moves to expand its global presence with the recent announcement of its proposed acquisition of InterContinental Auckland for NZ$180 million ($138.5 million). This marks HPL’s first investment in New Zealand and its second InterContinental hotel acquisition, following the successful launch of InterContinental Maldives Maamunagau Resort.
According to JLL’s Asia Pacific Hotels & Hospitality Group, the off-market transaction is said to be the largest single hotel asset sale in New Zealand to date. The sale was advised by New Zealand’s Precinct Properties.
The purchase of the InterContinental Auckland is a strategic move for HPL, as it continues to grow its luxury hospitality portfolio across key markets in the Asia Pacific region. This is driven by the company’s experienced hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts.
Chairman of HPL Hotels and Resorts, Stephen Lau, comments that the proposed acquisition of the InterContinental Auckland presents a rare opportunity for the company to acquire a premium asset in New Zealand. The property is conveniently connected to the bustling NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2024. With striking views of the Waitematā Harbour, the hotel rooms offer a luxurious and unique experience for guests.
Currently, the existing hotel boasts 139 rooms. However, there is potential to expand to 190 rooms in the future by repurposing the current office space to meet the growing demand. This showcases HPL’s forward-thinking approach to investing in long-term success and growth.
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In addition to the InterContinental Auckland, HPL has also recently launched The Boathouse Tioman in Malaysia, featuring 31 bungalows, and The Four Seasons Hotel Osaka in Japan, a 176-room hotel. The company’s strong financial performance has been reflected in its earnings, with a decline of 95.1% year-on-year to $27.2 million in FY2024.
HPL’s continued expansion and investment in the luxury hospitality sector showcase its commitment to delivering exceptional experiences for guests and driving long-term growth in key markets. With its strategic partnerships and experienced team, HPL is poised to solidify its position as a leading player in the global hospitality industry.