hotel sale Archives - realestatesource

DARWIN’s Novotel Atrium Hotel, at 100 The Esplanade on Darwin Harbour, has sold to private investors the Halikos Group for $24 million.

The 140-room, 4.5 star hotel was offloaded by Tourism Property Investment Group, and was sold with a 17-year management agreement to Accor, according to selling agents Colliers International.

Halikos Group managing director Shane Dignan said the purchase was “in line with a strategy to refresh the group’s property portfolio and seek prudent investments in the Northern Territory.”

South Australia

Holiday Inn Adelaide Sells For About $35 Million

August 26, 2009 Marc Pallisco hotel sale, overseas investor

The Holiday Inn Adelaide, has sold to Malaysian-based Hotel Grand Central, for about $35 million.

The 19-year old, 4-star hotel, includes 181 rooms, 90 car park spaces and conference facilities. It was offloaded by Singapore-controlled hotel company Tambusu.

Queensland

Abacus Sells Two Queensland Hotels For $34.2 Million

October 12, 2009 Marc Pallisco hospitality, hotel sale, institution, pubs

ABACUS Property Group has offloaded two Queensland hotels for $34.2 million to Rydges Hotel’s Amalgamated Holdings Limited.

The hotels include the Rydges Gladstone and Townsville hotels, and were sold by the Abacus Hospitality Fund.

The purchases follow a spending spree last year, in which AHL paid the Raptis Group and City Pacific’s CP1 $56.5 million for the Gold Coast International hotel. It also paid Selpam and FKP $22 million for the Port Douglas Sabaya Resort.

National

Receivers For Ryan Hotel Group List Queensland Pubs For Sale

September 24, 2009 Marc Pallisco distressed sale, hotel sale, pub sale, tourist accommodation

RECEIVER McGrath Nichol will sell two Queensland pubs, on behalf of the Ryan Hotel Group.

Up for grabs is the Del Plaza at Southport, and the Grinning Dog Tavern at Maroochydore. Earlier this year, six other Ryan Hotel Group hotels were put to the market including the Woombye, Maryborough and Roma. Ryan collapsed in July. The properties are distressed sales, and the prices are undisclosed.

Director of advisory firm and agency Power Jeffrey, Peter Power, told The Australian “there haven’t been many good quality hotels on the market for the past 18 months, and as valuers we are having great difficulty because we have no (sale result) evidence to work off”.

New South Wales

PIF Reaps $38 Million From City Beach Development, Wollongong

November 17, 2009 Marc Pallisco apartment complex sale, hotel sale, PIF, Premium Income Fund, wollongong

THE Premium Income Fund has reaped $38 million from the sale of a partially completed hotel and apartment complex south of Sydney.

Harbour Street Developments, controlled by Queensland developer George Callianiotis and Rockhampton retailer Solly Stanton, have reportedly agreed to purchase the City Beach development, south of Wollongong, which includes 168 hotel rooms, 75 apartments and 10 penthouses.

Victoria

Deague Family Sells Prahran Apartment Site For $5.1 Million

April 4, 2011 Marc Pallisco Deague Family, hotel sale, prahran, Prahran Residential Development Site Sale

A PRAHRAN petrol station that was to be redeveloped as a ritzy hotel has sold to developers which plan to rebuild the site as a conventional apartment complex.

The 118 – 126 High Street property, on the south-west corner of Thomas Street and opposite Swinburne University, near Chapel Street, was offloaded by the Deague family’s Asian Pacific Building Corporation this week for $5.1 million.

APBC paid $10 million for the High Street service station, along with another Prahran site – a former Bob Jane T-Mart, at 160 Commercial Road – in late 2006.

It planned to build swank hotels on both sites to slot into its “art series” portfolio, which it has been developing over recent years.