Holiday Inn Adelaide sells to foreign investor (Australia)
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Holiday Inn Adelaide sells to foreign investor (Australia)
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Category: Asia Pacific - Australia - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2009-08-28
In one of the few hotel transactions to occur in 2009, the Holiday Inn Adelaide has sold to listed Malaysian group, Hotel Grand Chancellor, for approximately $35million.
Jones Lang LaSalle Hotels’ Executive Vice President – Investment Sales, Mark Durran, negotiated the deal after an international expressions of interest campaign.
The Holiday Inn Adelaide is a four star hotel that was built in 1990 and extensively refurbished in 2000. It features 181 guest rooms, a restaurant, bar, conference facilties and 90 bay car park. The hotel is located in the heart of the Adelaide central business district on Hindley Street.
“Despite the current economic climate, the Adelaide hotel market has continued to perform well relative to other capital cities,” said Mr Durran. He added “With these solid market fundamentals, the purchaser was attracted to the re-positioning potential the hotel offered though a refurbishment and expansion of the guest room inventory.”
The sale of the Holiday Inn is one of just a few major hotels transactions to occur this year. To-date there have been total hotel sales of $366million with the most notable deals including the Courtyard by Marriott North Ryde, Hyatt Regency Adelaide and Park Hyatt Canberra, all of which were negotiated by Jones Lang LaSalle Hotels.
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