Expressions of Interest for the Mirvac Hotels managed 174-key hotel must be in no later than June 5 of this year. The hotel is run under the Sebel Brand, but Jones Lang LaSalle spokespeople report the property is available with Vacant Possession of Management.
Anticipating questions about the potential for a pricey hotel sale in a global downturn, Mark Durran, senior vice-president of Jones Lang LaSalle Hotels explains in a written statement, "This acquisition provides excellent future growth potential for counter cyclical investors. Being a new build, the property also offers attractive depreciation benefits to an incoming investor."
Spokespeople for Jones Lang LaSalle compare this sale to that of the recent deal for the Gazebo Parramatta Hotel. The Gazebo sale was also a Jones Lang deal and cost Hong Kong-based Carlton Group of Hotels A$40 million.
"Parramatta is one of Australia's fastest growing regions. The continuedcommercial and industrial growth in this region will continue to drivegrowth in future hotel demand," concluded Durran.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
