JLL has been exclusively appointed to offer to the market the landmark Mercure & Ibis Styles Grosvenor Hotel, located on North Terrace in downtown Adelaide.
This iconic hotel features 245 guest rooms, an all - day dining restaurant & bar, conference and function rooms, gym, and secure basement car parking. Offered with in-place AccorHotels management, or with the benefit of vacant possession, this property represents a unique opportunity for an incoming investor to obtain one of Adelaides best-located hotels offering strong cashflow, and underlying redevelopment potential.
JLL Hotels & Hospitality Group, Managing Director, Mark Durran, said The property occupies a strategic freehold site of 3,794sqm offering an array of potential redevelopment options. With recent improvement in Adelaides hotel trading performance and the hotels central location, it is well-positioned to capitalise on the future momentum of the citys ongoing growth as the local tourism market goes from strength to strength.
Recently, the city of Adelaide has recorded strong trading performance, with Occupancy recorded at YTD July 2017 reaching 78.1%. According to STR Global,RevPAR (Revenue per Available Room) at YTD July increased by 5.4% from the previous year.
The city is also benefitting from improved flight connectivity as Cathay Pacific recommence their fifth weekly service from Hong Kong, and China Southern Airlines adds two scheduled flights to Guangzhou, further enhancing the airports flight network. Adelaide Airport now supports non-stop connections to over 300 destinations around the globe.
Mr Durran continued The city of Adelaide is rapidly transforming, with a large focus along North Terrace, and with direct investment into the city totalling more than AUD 3.8 billion, demand generators receiving capital injections such as the Adelaide Oval, Festival Centre Carpark & Plaza, Biomedical Precinct, and both the University of Adelaide and University of South Australias campuses, are a testament to the citys bright future. In particular, the Royal Adelaide Hospital has recently opened its doors at a cost of AUD 2.3 billion, and the Adelaide Convention Centre has undergone a recent expansion in two phases at the cost ofAUD 397 million, including the addition of two new buildings and the state-of-the-art Plenary Hall. The expanded Convention Centre is expected to introduce an additional AUD 1.92 billion into South Australias economy over the next 25 years.
The Mercure & Ibis Styles Grosvenor Hotel is being offered for sale by way of an Expression of Interest (EOI) campaign closing at 1pm (AEST) on Wednesday 27 October
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