One Queen Street, the Deloitte Building with the InterContinental Hotel on the lower levels.
One Queen Street, the Deloitte Building with the InterContinental Hotel on the lower levels.
In the biggest real estate transaction of 2025, NZX-listed landlord Precinct Properties has struck a deal to sell its new InterContinental Auckland hotel to Singaporeans for $180 million.
The landlord said today it planned to sell to Singapore Exchange-listed Hotel Properties, an established owner, operator and developer of hotels, resorts and shopping centres in 17 countries.
The buyer has interests in 41 hotels under various brands including InterContinental Hotels Group.
Scott Pritchard, Precinct’s chief executive, said the Kiwi company bought the building in 2012.
It then contracted LT McGuinness and undertook a comprehensive redevelopment of what it called One Queen Street.
This resulted in an adaptive reuse project on the waterfront.
The exterior of the Intercontinental Auckland.
“Our ambition was to create a fully integrated second stage of Commercial Bay and we are proud to have achieved this through the design outcome and seamless connection this building offers the wider precinct,” Pritchard said today.
The hotel sale was a strong endorsement of Commercial Bay and the quality of the hotel, he said.
One Queen Street opposite the Ferry Building is the refurbished 21-level ex-HSBC building on Quay St, where a $310m renovation was completed.
The building has a rooftop bar and restaurant, while the new hotel has 139 guest rooms.
InterContinental’s name has been here previously, on what is now Pullman Auckland Hotel, at the corner of Waterloo Quadrant and Princes St.
That building has been a Hyatt previously.
More than 100 staff work at the hotel, which links directly into Precinct’s Commercial Bay shopping centre, alongside Whitcoull’s.
Precinct said today that after the hotel sale settles, its committed gearing will reduce by around 3%.
This sale is consistent with Precinct’s business strategy and enables the recycling of capital to ensure it is well-positioned to deliver on the next phase of its strategy execution.
“This transaction remains conditional only on subdivision being completed which is expected to be in Q3 2025. [After] completion of the subdivision, Precinct will retain ownership and management of the balance of the property not being divested at One Queen Street, with the hotel sale to include the office space on levels three to five,” it said.
Real estate agency and consultancy JLL said it had brokered the deal.
“JLL has just closed the largest hotel asset sale in New Zealand,” it said.
“This off-market transaction sets a new record price per key for NZ hotels. It marks Hotel Properties’ first investment in the New Zealand market,” the agency said.
Anne Gibson has been the Herald’s property editor for 25 years, written books and covered property extensively here and overseas.
