Singapore Hotel Properties Ltd (HPL) has acquired Precinct Properties' The Intercontinental Auckland for SGD$138.5 million (A$164.8 million, NZD$180 million). This marks the largest-ever single hotel asset sale in New Zealand.
The 139-room asset is HPL’s first hotel asset in the country and their second InterContinental after the InterContinental Maldives Maamunagau Resort.
The sale was conducted by Maxford Investments, HPL's wholly owned subsidiary.
The Precinct's chief executive, Scott Pritchard said InterContinental Hotel Group bought the building in 2012.
“Our ambition was to create a fully integrated second stage of Commercial Bay and we are proud to have achieved this through the design outcome and seamless connection this building offers the wider precinct,” Pritchard said.
Alongside the 139 rooms, the hotel also boasts a restaurant, gym and a Club InterContinental. It’s also located in Auckland, New Zealand’s largest city accounting for more than 70% of visitor arrivals entering through Auckland International Airport.
The city's tourism sector grew 13.9% in the year ending October 2024 and welcomed more than 2.2 million international visitors.
The deal was advised by JLL who said it reaffirms New Zealand's hospitality sector appeal to Asian investors.
“Asia-based capital has been extremely active in the Oceania hotel space and with this landmark transaction, it is clear that New Zealand stands as one of the most attractive hotel markets regionally for investors diversifying into non-traditional markets,” JLL CEO, Nihat Ercan said.
HPL owns hotels, resorts and shopping centres across 17 countries and is reportedly interested in purchasing 41 hotels under various brands, including InterContinental.
As of writing, Hotel Properties Ltd (SGX: H15) stocks are trading for SGD$3.60, a 0.28% drop from the previous close of $3.61. The company's market cap is approximately $1.89 billion.
