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Marque Hotels to go on the block
SYDNEY – Grand Hotel Group (GHG) is selling a portfolio of three freehold investment hotels located along Australia’s eastern seaboard.
The three hotels, under lease agreements with Singapore’s Rendezvous Hotels Group, are The Marque Hotel Brisbane, The Marque Hotel Sydney and The Marque Hotel Canberra.
“Due to the three Marque hotels not being a strategic fit with GHG’s five star hotel business model, the new board of GHG approved the sale of the three substantial Marque hotels,” said Mark Durran, executive vice president of selling agent, Jones Lang LaSalle Hotels.
“Rendezvous has committed to spend over A$5.5 million to bring the properties up to four star contemporary hotel standards,” said Durran.
The sale of the portfolio comes as room yields around Australia reach record levels, boosted by strong occupancies.
“This is a very rare opportunity for an investor to acquire a portfolio of quality hotels in three major Australian capital cities all showing clear signs of continued improvement,” added Durran.
Jones Lang LaSalle Hotels expects interest from both national and international investors, REITs, property syndicates and fund managers.
Hotel investment activity in Australia has increased by 69% during the first six months of 2007 when compared to the same period last year.
GHG is an Australian based hotel owner with approximately $650 million of assets, including four hotels under management agreements with Hyatt International. In March 2007 Morgan Stanley and Tuan Sing (GHG’s previous largest shareholder) were successful in a take over of GHG and subsequently delisted it from the ASX.
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