Hotel

A monster property including the Novotel Melbourne Glen Waverley hotel site is up for grabs and could smash the city’s suburban price record.

The long overdue increase in supply of new hotels in Sydney is contributing to a drop in occupancy and average daily room rates, but investors and developers are continuing to spruik hotels for sale.

Fresh from its acquisition of Darwin’s casino operations, US hospitality giant Delaware North is continuing its aggressive drive into Australia’s tourism industry, buying the rights to operate and develop the popular Lane Cove River Tourist Park in Sydney.

Lewis Land Group has struck a deal with French hotelier group Accor to manage a new 78-room mid-scale hotel at Rouse Hill, about 45km from the Sydney CBD.

The high-profile owners of Manly’s Steyne Hotel are fielding several offers from local buyers, with the highest bids coming in at above $60 million, well short of the $90 million initially expected by co-owner John Singleton.

A Singapore real estate investment trust has forked out $60.6 million buying the Felix by 8Hotels near Sydney Airport, with plans to rebrand the 150-room property as the Citadines Connect Sydney Airport.

Often providing annual savings that run into the tens of thousands, commercial property depreciation deductions are too good to miss.

The Novotel Norwest in Sydney’s outer northern suburbs is to be upgraded and rebranded the Rydges Norwest Sydney from April 2.

US investment house Starwood Capital has bowed out of the race for a $1 billion 50-level apartment and hotel development fronting Sydney’s Hyde Park after deciding it was too expensive.