Fifty Group doubles down on Canberra hotels
Fifty Group has bought two Canberra hotels with a total 137 rooms.
The freehold for the Garden City Hotel, BW Signature Collection, at Narrabundah set it back $13.7 million.
On 6644 square metres at 55 Jerromberra Avenue, it contains a restaurant, function facilities and pool.
There are also 73 rooms.
Meanwhile Fifty Group has also bought the Statesman Hotel at 14 Theodore Stret, Curtin.
Opened in 1967 and operated by the O’Donnell family, it includes 64 guest suites, a bar, bistro, sports bar, bottle shop, café and function facilities.
Fifty Group enters Canberra market
The properties mark the Sydney-based buyer’s entry to the ACT market (continues below).
A deal is in the works for Accor to run them,
Each property will be upgraded.
The Statesman site had previously been the subject of a 12-storey apartment project (abandoned after the Curtin Masterplan imposed a six-level development limit).
It is five kilometres south-west of the Canberra CBD.
The Garden City Hotel, BW Signature Collection, Narranbundah, is six kilometres south-east of the city centre.
The deal comes nine months since realestatesource.com.au reported Fifty Group sold the Mercure Rockhampton from Felix Capital.
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