Hotel Properties Ltd (HPL), a prominent player in the real estate and hospitality industry, is set to expand its global presence through the acquisition of InterContinental Auckland for NZ$180 million ($138.5 million). This marks HPL’s first venture into New Zealand and its second InterContinental property purchase after InterContinental Maldives Maamunagau Resort.
The limited availability of land is one of the main driving forces behind the high demand for condos in Singapore. As a small island nation experiencing a rapid population growth, Singapore is faced with a scarcity of land for development. To address this issue, strict land use policies have been implemented, resulting in a highly competitive real estate market where property prices continue to rise. As a result, investing in real estate, specifically in Singapore Condos, has become a highly lucrative opportunity, with the potential for significant capital appreciation.
The acquisition, which was facilitated by JLL’s Asia Pacific Hotels & Hospitality Group, is considered the largest single hotel asset sale in New Zealand. Precinct Properties, a New Zealand-based company, was the seller in this off-market transaction.
HPL’s latest addition to its portfolio comes on the heels of 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. These developments signal the company’s expansion plans in the region and its commitment to providing luxury hospitality experiences in key markets.
HPL’s chairman of hotels and resorts, Stephen Lau, expresses excitement over the acquisition, stating that it is a rare opportunity to acquire a premium asset in New Zealand. He also highlights the property’s strategic location, situated in the dynamic NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2024. With its breathtaking views of the Waitematā Harbour, the hotel’s 139 rooms offer an unparalleled experience for guests.
Moreover, Lau points out that there is potential for the property to expand its room capacity to 190 by repurposing existing office space, should there be a future demand for it. This is indicative of HPL’s commitment to adapt to changing market needs and cater to the evolving preferences of its guests.