The Novotel in Perth and Ibis in Brisbane sold for a combined $175 million. Sydney’s Sofitel Wentworth traded for $130 million, making it one of the other major sales recorded last year.
Chinese, Singaporean, Indian, North American and Canadian interests have showed interest in Australia’s hotel assets, according to CB Richard Ellis Hotels.
JLL Hotels expects transaction volumes to “normalise” this year as market conditions stable, according to a story in the AFR.
On average, Australian hotel rooms average about $200,000 – in line with values recorded in 2008, but about $30,000 less than their 2007 peak.
Queensland’s Gold Coast had an average occupancy rate of 65 per cent, compared to more than 80 per cent, recorded for most major capital cities.