A 2005 study of the elemental abundances of RV Tauri stars calculated that HP Lyr had a temperature around and typical abundances for an RV Tauri variable. It also revealed that the abundances were altered by dust-gas separation in circumstellar material. HP Lyr has been included in a catalog of confirmed
post-AGB stars, highly evolved and on its way to becoming a
white dwarf. In 2017, the temperature was calculated to be , still one of the hottest known RV Tau variables. The distance is uncertain, although large.
Gaia Data Release 2 contains a parallax indicating a distance of around . Using luminosities derived from a period-luminosity-colour relationship, together with
interstellar extinctions, gives a distance of around . From the radius and
effective temperature, the radius is calculated to be . HP Lyrae is a post-AGB star, one that has completed its evolution along the
asymptotic giant branch (AGB) and is now rapidly shedding its outer layers prior to becoming a white dwarf. During this process it becomes hotter and crosses the
instability strip which causes it to become unstable and pulsate. ==Binary==