Precinct selling Auckland hotel for $180m

5th March 2025 By Paul Yandall | paul@propertyticker.co.nz | @propertyticker

Precinct Properties says it has entered into a conditional agreement to sell its Auckland hotel at One Queen Street for $180m to Singapore’s Hotel Properties Limited.

The hotel, operated by InterContinental, opened in 2024 and is an important component of Precinct’s Commercial Bay development.

“Initially purchased in 2012 and comprehensively redeveloped by Precinct, One Queen Street has been a unique adaptive reuse project for our business which has further solidified Precinct’s role in creating a world-class waterfront destination on par with other global cities,” Precinct chief executive Scott Pritchard said.

“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. 

“The sale of the hotel demonstrates the strong endorsement of Commercial Bay, and the quality of the hotel located at this asset.” 

Pritchard added that the hotel brought “significant value to Commercial Bay, and we are committed to working closely with the new owners to continue to deliver an outstanding experience for locals and visitors across the broader Commercial Bay precinct”.

Precinct said that Singapore Exchange-listed Hotel Properties Limited is an established owner, operator and developer of hotels, resorts and shopping galleries across 17 countries. The group has interests in 41 hotels under hospitality brands including InterContinental Hotels Group.

Following the settlement of the deal, Precinct said its gearing would reduce by around 3%.

“This sale is consistent with Precinct’s business strategy and enables the recycling of capital to ensure Precinct is well-positioned to deliver on the next phase of its strategy execution,” stated the company.

“This transaction remains conditional only on subdivision being completed which is expected to be in Q3 2025. 

“Post 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 3 to 5.”