INVESTORS have an entrée into Australia's buoyant hotel market, receivers for three Marriott hotels have appointed Jones Lang LaSalle Hotels to sell the properties.
Receivers and managers, HPI Parramatta Pty Ltd; North Ryde Property Pty Ltd and Surfers Paradise Acquisition Corporation, have put the Courtyard by Marriott North Ryde, Courtyard by Marriott Parramatta and Courtyard by Marriott Surfers Paradise on the market.
JLL Hotels’ executive vice president Mark Durran said together, the 782 room hotel portfolio provides an incoming investor with three well located investment properties each offering the security of a long term management agreement and growth potential in trading performance.
“Although economic growth rates are softening compared to the record highs witnessed over the last couple of years, the economy remains in good shape,” Durran added. “Coupled with the benign supply outlook and strong ongoing business fundamentals, the sale of the portfolio is likely to attract significant investor interest,”
JLL Hotels’ managing director of investment sales Craig Collins said globally, there is still a good level of capital that needs to find a home and with hotels across
The stand out asset in the portfolio is the Courtyard by Marriott Surfers Paradise. The 31 level resort hotel is positioned above the largest shopping centre in Surfers Paradise and is one street from Cavill Avenue Mall.
Durran said the four star hotel offers 405 guest rooms and suites as well as a restaurant, two bars, five conference and meeting rooms and a fully equipped gymnasium. In addition, a unique outdoor recreational area covers the rooftop of the shopping centre and features a swimming pool, spa, sun deck and tennis court.
The second asset is Courtyard by Marriott North Ryde, an eight level corporate hotel in the heart of
“Being a corporate hotel, strong occupancies are experienced mid week however the Hotel also attracts weekend demand,” Collins said.
Finally, the Courtyard by Marriott Parramatta is four star CBD hotel offering 181 guestrooms including 30 executive spa suites. The hotel also features a restaurant, seven conference and meeting rooms, 24 hour business centre, an outdoor heated swimming pool and spa, as well as a 220 bay public car park.
Collins said
“The hotel is also within close proximity to Sydney Olympic Park, Sydney Showground’s, Rosehill Gardens Racecourse, Parramatta City Raceway and the Eastern Creek Raceway,” he added.
The properties are being offered for sale individually or in one line via an Expressions of Interest campaign closing August 01 2008.
Australian Property Journal
