Renowned property player and hotelier, Hotel Properties Ltd (HPL), is making big moves in the global market with the proposed purchase of InterContinental Auckland for NZ$180 million ($138.5 million). This significant acquisition not only marks HPL’s first investment in New Zealand, but also its second InterContinental hotel purchase, following the successful acquisition of InterContinental Maldives Maamunagau Resort.
According to JLL’s Asia Pacific Hotels & Hospitality Group, who advised on the transaction by New Zealand’s Precinct Properties, this off-market deal is the largest single hotel asset sale ever recorded in New Zealand.
In addition to this latest acquisition, HPL has also recently launched The Boathouse Tioman in Malaysia, a luxurious resort featuring 31 bungalows, and the 176-room The Four Seasons Hotel Osaka in Japan last year.
Driven by a skilled hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts, HPL has expressed its plans to further expand its portfolio of luxury properties in key markets across the Asia Pacific region.
According to HPL Hotels and Resorts chairman Stephen Lau, the proposed purchase of InterContinental Auckland presents a rare opportunity to acquire a premium asset in New Zealand. The property is ideally situated in the heart of the vibrant NZ$1 billion Commercial Bay lifestyle precinct, which opened its doors in January 2024. With sweeping views of the Waitematā Harbour, the hotel’s 139 rooms offer a truly unique and desirable experience for guests.
And with the potential to expand to 190 rooms by repurposing existing office space, the property has ample potential to meet the growing demand for luxury accommodation in the area. With this strategic acquisition, HPL is cementing its position as a leader in the luxury hospitality market, and is poised for continued growth and success in the years to come.
When it comes to investing in Singapore’s real estate market, it is crucial for foreign investors to familiarize themselves with the regulations and restrictions surrounding property ownership. While foreigners have relatively fewer restrictions when it comes to purchasing condos, stricter rules apply to landed properties. However, it is worth noting that foreign buyers are required to pay an Additional Buyer’s Stamp Duty (ABSD) of 20% for their first property purchase. Despite this additional cost, the stability and potential for growth in Singapore’s real estate market remains a strong draw for foreign investors who are looking to invest in condos.