Hotel Groups buy in Australia
Overseas Property News - Australia
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DSR Asset Management report that Investors large and small are flocking to Australia looking for investments with security and good returns.
In one of the few hotel transactions to occur in Australia 2009, the Holiday Inn Adelaide has sold to Malaysian group, Hotel Grand Chancellor, for approximately $35million.
“Despite the current economic climate, the Adelaide hotel market has continued to perform well relative to other capital cities,” said Mark Durran of Jones Lang LaSalle Hotels’ “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 hotel transactions in Australia 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.
David Redfern, of DSR Asset Management added “We have seen the volume of business in Australia growing month on month during Q2 and Q3 of 2009. Australia is becoming a “must have” addition to everyone’s investment portfolio”
DSR offer investments in a variety of locations in South Australia.
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DSR Asset Management Ltd is an overseas property investment specialist, working directly with developers in more than forty countries. All properties are exclusive to DSR, giving an unparalleled selection of resale and new builds.
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