Novotel Queenstown has sold for more than $90 million in the biggest deal of its kind in nearly a decade, according to agents Collier International. Collier’s national director of hotels, Dean Humphries said the 273-room hotel – purchased by a New Zealand hotel investor – was one of seven owned by US Company REIT Host Hospitality. It was the largest single hotel transaction in New Zealand in nearly 10 years, he said. REIT Host was looking to divest all its hotels in the Asia Pacific region and move capital back to the United States to take advantage of improving conditions there, he said. Novotel Queenstown’s sale caps a year in which just over $290m worth of hotels have changed hands, just shy of the peak in 2010, when nearly $300m worth of hotels were sold. Other sales this year included the Novotel Ibis Ellerslie Auckland for more than $55m, the Kingsgate Wellington, Chateau on the Park Christchurch and Hotel Grand Chancellor Auckland Airport. The 200-room Ibis Wellington and 139-room Novotel Wellington are also on the market.
November 20, 2015
Confidence in the central business district hotel market surprisingly tumbled in the third quarter of the year, as property professionals recalibrated expectations for capital growth, the latest NAB Commercial Property Survey shows. The index shows hotels fell from a positive reading of 38 to zero over the third quarter, with capital values falling 2.8 per cent, based on a survey of 250 commercial property professionals.
November 20, 2015
Private equity house L90 Capital has snapped up the Salisbury Hotel in the Sydney suburb of Stanmore for about $8.5 million. The deal was brokered by Andrew Joliffe and Joel Fisher, of Ray White Hotels. The agents declined to comment on price and buyer. It is understood well-known publican Gerard Dore, who operates the Beach Road in Bondi and Tilbury Hotel will be the operator.
November 4, 2015
A popular Irish-themed pub in Brunswick has sold to developer Peregrine Projects for $6.03 million, with plans to add a five-storey apartment block to the site.
November 2, 2015
Arc Education Group is converting the Landsdowne Hotel in Sydney’s Chippendale into an Academy of Music and Performing Arts. The Proposed development at 2-6 City Road will be used for undergraduate and postgraduate courses in music and the performing arts.
September 2, 2015
Well known career publican Kevin McNamee has listed the freehold interest of the Clare Castle Hotel in Port Melbourne for sale after 40 years of ownership.