Hyatt Regency Adelaide sold to offshore investo (Australia)
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Hyatt Regency Adelaide sold to offshore investo (Australia)
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Category: Africa Indian Ocean - Australia - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2009-03-05
Australia’s first major hotel transaction for 2009
Following the recent acquisition of the Hyatt Hotel Canberra on Christmas Eve 2008, Thailand based TCC Land has purchased the Hyatt Regency Adelaide. Jones Lang LaSalle Hotels’ Executive Vice President Investment Sales, Mr Mark Durran and Asia Pacific CEO, Mr David Gibson negotiated the sale on behalf of Grand Hotel Group (GHG).
Australia’s first major hotel transaction for 2009, the sale of the Hyatt Regency Adelaide was negotiated as part of a joint deal with the Hyatt Hotel Canberra for a total sum of $155 million. “This is the third hotel TCC Land have acquired in Australia in the past six months and further demonstrates the confidence they have in Australian hotel investments,” said Mr Durran.
Situated on the banks of the River Torrens, the Hyatt Regency Adelaide forms an integral part of Adelaide’s Riverbank Promenade and is adjacent to the Adelaide Convention Centre, Adelaide Casino and Adelaide Festival Centre. The five star hotel features 367 guest rooms and suites, two main restaurants, lounge bar, extensive conference space and a range of recreational facilities.
Mr Durran noted “astute offshore investors together with a number of Australian high net worth individuals and private companies are currently circling high quality hotel assets with a view to long term investment.“
With Expressions of Interest closing next week for the Brisbane Marriott Hotel, Surfers Paradise Marriott Resort, and Novotel Langley Perth, the sale of the Hyatt Regency Adelaide is considered a sign of things to come this year.
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