PROPERTY developer Hotel Properties Ltd (HPL), through a wholly owned subsidiary, proposed to acquire InterContinental Auckland in New Zealand for NZ$180 million (S$138.5 million), said the group on Tuesday (Mar 4).
This will be its first asset in New Zealand and second InterContinental property, after InterContinental Maldives Maamunagau Resort.
The acquisition will enable the group to expand its luxury hospitality portfolio across key markets in the Asia-Pacific, said HPL.
The deal will be funded by a third-party loan financing and internal resources. It is not expected to have material impact on its net tangible assets, earnings per share and operating results for the current financial year, it noted.
The seller is real estate investment company Precinct Properties Investments, represented by JLL as adviser and broker.
InterContinental Auckland, managed by IHG Hotels & Resorts, is a 139-key hotel on a prime freehold site located in the city’s central business district. The property also has two and a half floors of fully-tenanted office space.
Stephen Lau, chairman of HPL Hotels and Resorts, said that the hotel has “ample headroom” to expand to 196 rooms by repurposing the current office space, if needed.
Shares of HPL closed up 0.3 per cent or S$0.01 at S$3.60 on Tuesday, before the announcement.
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