Ong Beng Seng’s Hotel Properties Limited expands global portfolio with InterContinental Auckland

SINGAPORE – Local hospitality company Hotel Properties Limited (HPL) on March 4 announced the expansion of its global luxury hospitality portfolio with the proposed acquisition of InterContinental Auckland.

Valued at $138.5 million, the acquisition is subject to final completion. It will give HPL its first asset in New Zealand, and its second InterContinental property after InterContinental Maldives Maamunagau Resort.

The acquisition will further HPL’s expansion in the Asia-Pacific region.

In 2024, the company launched The Boathouse Tioman in Malaysia and Four Seasons Hotel Osaka in Japan. The latter was the 15th Four Seasons property in HPL’s portfolio, making the Singapore Exchange-listed company the largest owner of Four Seasons hotels worldwide.

In total, the company founded and owned by tycoon Ong Beng Seng has hotels, resorts and shopping galleries in 17 countries, with interests in 41 hotels under brands such as Como Hotels and Resorts and Marriott International.

Mr Stephen Lau, chairman of HPL Hotels and Resorts, which is operated and wholly owned by HPL, called the proposed acquisition of InterContinental Auckland “a rare opportunity to acquire our first premium asset in New Zealand”.

The property has views of the Waitemata Harbour, and is next to Commercial Bay, Auckland’s shopping and dining precinct. It boasts 139 keys, with 2½ floors tenanted as office space. A key in the hospitality industry is used to refer to a single lodging unit. For example, a two-bedroom suite would be counted as two keys.

Mr Lau said: “With ample headroom to expand to 196 rooms by repurposing the current office space if needed, we are also strategically positioned to meet future demand.”

Auckland’s tourism sector grew 13.9 per cent in the year ending October 2024, with the city welcoming more than 2.2 million international visitors. The sector is expected to grow even more in the coming years as the New Zealand government actively promotes the city as a world-class destination for leisure and business.

The acquisition is undertaken by the company’s wholly owned subsidiary Maxford Investments through a sale and purchase agreement with Precinct Properties Investments Limited, and will be funded by a third-party loan financing and internal resources.

It is not expected to have any material impact on HPL’s net tangible assets per share, earnings per share and operating results for the current financial year.