Hotel Properties to expand with New Zealand property acquisition plan

It will be the company's first asset in New Zealand.

Hotel Properties Limited is expanding its global portfolio further with the proposed acquisition of InterContinental Auckland for $138.5m (NZ$180m).

This will be the company's first asset in New Zealand and its second InterContinental property after InterContinental Maldives Maamunagau Resort.

Located in the Central Business District (CBD), the waterfront 139-key property is located on a site overlooking the Auckland Harbour.

The hotel offers a restaurant, gym, the exclusive Club InterContinental, and two and a half floors of fully tenanted office space from levels 3 to 5.

The acquisition is undertaken by HPL’s subsidiary Maxford Investments through a sale and purchase agreement with Precinct Properties Investments Limited.

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