The Clifton Suites hotel on Northbourne Avenue Canberra has sold for $65 million to a joint venture between Stephen Lauder’s Facilimate and Ascot Capital.
The hotel will be rebranded to Pacific Suites Canberra.
The off-market deal was brokered by Mark Durran, Managing Director – Investment Sales, Australasia, JLL Hotels & Hospitality Group.
“This is one of the larger non-portfolio hotel transactions to occur in Canberra in many years,” Mr Durran said.
“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.”
The property is strategically located at 100 Northborne Avenue; close to the CBD and along the proposed light rail route.
It features 153 one and two bedroom serviced apartments, conference facilities, restaurant, sports bar, a 256 bay car park and dual street frontage.
Facilimate Managing Director, Stephen Lauder, said: “The opportunity to purchase such a well located apartment style hotel with vacant possession was an opportunity we had been seeking for some time.”
“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, with Singapore airlines the first to fly directly. Next focus will be securing direct flights from China.
“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,” Mr Lauder said.