Hotel Properties (HPL) has entered a sale and purchase agreement to purchase The Intercontinental Auckland in New Zealand for NZ$180 million ($138.5 million), according to a bourse filing on March 4.
The hotel is a freehold property owned by Precinct Properties, and comprises 139 rooms, a restaurant, a gym and a Club Intercontinental.
HPL says that the acquisition will allow it to expand its hotel portfolio in New Zealand.
The transaction will be funded by way of a third-party loan financing and internal resources.
HPL says that it is not expected to have any material impact on its net tangible assets per share based on the statements for the financial year ended Dec 31, 2024.
Shares in Hotel Properties closed 1 cent higher or 0.279% up at $3.60 on Mar 4.
