Canberra’s new Sebel hotel sold for $48m
A brand new Sebel hotel in Canberra has sold for $48m to DWS, a global real estate investment manager, and Pro-Invest.
Developed by Zapari, the 11-level hotel features 144 serviced apartment style rooms in a mix of studios and one-bedroom suites.
Despite reports of at least 10 hotels in Canberra suffering lower occupancies because of the recent bushfires, Pro-Invest says the Sebel Hotel is performing strongly.
Zapari will lease level 10 of the building, in the heart of Canberra’s CBD, as its new head office.
JLL Hotels & Hospitality managing director Mark Durran negotiated the deal.
He says Canberra is an investment ‘‘hotspot’’ at present.
“It offers attractive yields relative to other capital cities, with a positive long-term growth profile for the hotel market,” he says.
“Improved infrastructure such as the Canberra Airport and the new light rail project are also positive for the market.”
Despite the drops in occupancy, Durran says the Canberra hotel market is on the upswing.
“Over the past three years the Canberra hotel market has seen growth in both occupancy and average daily rates.
“Taking into account the supply pipeline for the city and increased international and domestic demand, Canberra is expected to see continued growth in trading performance over the medium to long term,” he says.
This article originally appeared on www.theaustralian.com.au/property.