Hotel Properties Limited (HPL) has bought the Intercontinental Auckland Hotel in New Zealand for NZ$180m (€96m) from Precinct Properties.

The acquisition of the 139-room hotel located in city centre facing the Auckland Harbour, represents the largest single hotel asset sale in New Zealand’s history. 

The transaction would allow Singapore-based HPL to expand its hotel portfolio in New Zealand, according to the company. 

HPL said the transaction would be funded by way of a third-party loan financing and internal resources.

Scott Pritchard, CEO of Precinct Properties, said: “The sale of the Intercontinental Auckland aligns with our strategic focus to develop best in class assets and reinvest in further growth opportunities.

“We are proud of what has been achieved with the Intercontinental Auckland and its integration into the wider Commercial Bay precinct and look forward to watching the hotel thrive under HPL’s stewardship.”

Nihat Ercan, CEO, JLL’s hotels and hospitality group, Asia Pacific, said: “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.” 

To read the latest IPE Real Assets magazine click here.

Topics