This article is from the Australian Property Journal archive
A JOINT venture between Stephen Lauder’s Facilimate and Ascot Capital have acquired the Clifton Suites on Northbourne, Canberra for $65 million.
JLL Hotels & Hospitality Group Australasia investment sales managing director Mark Durran negotiated the off-market deal and said it was a significant deal for Canberra.
“This is one of the larger non-portfolio hotel transactions to occur in Canberra in many years.
“The Canberra market is on the upswing with RevPAR growing by 10% to YTD 2016 over the same period last year, on the back of solid increases in both occupancy and average daily room rates,” Durran said.
Located at 100 Northborne Avenue, the hotel consists 153 one and two bedroom serviced apartments, conference facilities, restaurant, sports bar, a 256 bay car park and dual street frontage.
The hotel will be rebranded to Pacific Suites Canberra.
“The opportunity to purchase such a well located apartment style hotel with vacant possession was an opportunity we had been seeking for some time,” Facilimate managing director Stephen Lauder said.
“We view the Canberra hotel market as an attractive one to invest in as it is underwritten by corporate and government business with a large element of domestic tourism.
“The recent $450 million upgrade of the Canberra airport will attract increased direct international flights to Canberra, with Singapore airlines the first to fly directly. Next focus will be securing direct flights from China,” he added.
“Canberra Airport is now a real international alternative for entry to Australia. With no time curfew, it allows the Chinese airlines to arrive in the early hours of the morning, an option not available to them in Sydney. This will stimulate international visitation to the capital city.” Lauder said.
Australian Property Journal
