JLL’s (NYSE: JLL) Hotels & Hospitality Group today announced it advised on the NZ$180 million ($103.4 million USD) sale of the newly-developed InterContinental Hotel Auckland. The off-market transaction represents the largest single hotel asset sale ever in New Zealand.

The InterContinental Hotel Auckland has been acquired by Singapore-based Hotel Properties Limited (HPL) from New Zealand’s Precinct Properties, representing the latest cross-border transaction advised by JLL’s Asia Pacific Hotels & Hospitality Group, matching Asian capital with prime hospitality assets in Oceania.

“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. The success of this transaction rests on our ability to harness the strength of our Asia Pacific platform, facilitating capital from Singapore to highly desirable locations including both New Zealand and Australia,” says Nihat Ercan, CEO, JLL’s Hotels & Hospitality Group, Asia Pacific.

The luxurious InterContinental Hotel Auckland, located in the heart of the city and overlooking the harbour, opened its doors in 2024, rapidly establishing itself as a landmark destination for business and leisure travellers. The asset comprises 139 keys in addition to associated facilities and future development areas, which appealed strongly to HPL when selecting their first New Zealand asset.

“Securing an off-market sale of this magnitude demonstrates our confidence in Auckland's position as a premier travel destination while reaffirming the appeal of New Zealand's hospitality sector to investors from Asia. JLL was proud to partner and advise on the sale, bringing together both expertise in New Zealand and Singapore to achieve this outcome," says Nick Thompson, Executive Vice President, JLL Hotels & Hospitality Group, New Zealand.

Scott Pritchard, Chief Executive Officer of Precinct Properties, says, "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."

With this historic transaction, the InterContinental Hotel Auckland reaffirms a maturing cross-border theme of Asian capital flowing to hospitality assets in the Southern Hemisphere. JLL has secured recent exclusive mandates including the Park Hyatt Melbourne, Cradle Mountain Lodge Tasmania, and Mayfair Adelaide, drawing significant interest from investors based in Singapore, Thailand, Malaysia and Hong Kong.

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