 News for the Property Industry |
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MEDIA RELEASE
2002 Australia & New Zealand Hotel Investment Conference - Sales Summary
There was no more appropriate venue for the annual hotel industry conference than the recently sold ANA Hotel in Sydney. All Nippon Airways had only just finalised the sale of the prominent hotel to GIC Real Estate for the largest amount ever paid for an Australian hotel. (GIC RE also purchased the Westin Hotel earlier this year and is the owner of other Sydney property assets such as the 175 Liverpool Street office tower, and a majority share in the landmark Queen Victoria Building).
Industry heavyweights turned out in numbers and many also participated in the numerous debates and discussions chaired during the course of the day-long get together.
The ANA provided the perfect introduction to the subject of recent sales and Sonnenblick-Goldman Company compiled an extensive list of the most prominent transactions from Australia and New Zealand. Important post September 11 US hotel sales were also tabled and analysed.
As noted earlier, the two largest Australia/New Zealand sales during the 2001/2002 financial year were the ANA Harbour Grand and the Westin Hotel, both in Sydney. The ANA Harbour Grand in the Rocks sold for $207 million and the Westin Hotel in Sydney's former GPO sold for $170 million. When analysed on a per room basis, the Westin Hotel achieved a substantially higher price of $409,000 compared to $368,000 for the ANA.
The next highest was the Hotel du Vin in New Zealand which was sold for $9 million, representing $199,000 per room.
In the US, the largest sale since September 11 has been the Boston Marriott which sold for $214 million, while the highest sale per room is the Hotel Delmonico in New York which sold for $756,000 per room.
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Australia
New Zealand Hotel Sales 2001/2002 |
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Sale Price |
Rate per
Room |
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(Million
$AUS) |
(Thousand
$AUS) |
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Westin Hotel
Sydney |
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170 |
409 |
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ANA Harbour
Grand Sydney |
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207 |
368 |
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Hotel du Vin
Auckland |
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9 |
199 |
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Parkroyal St
Kilda Rd Melbourne |
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38 |
171 |
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Hyatt Regency
Sanctuary Cove |
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35 |
142 |
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Terrace Hotel
Perth |
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14 |
112 |
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Holiday Inn St
Kilda Rd Melbourne |
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23 |
98 |
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Courtyard by
Marriott Palm Cove |
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16 |
85 |
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Country Comfort
Lennons Brisbane |
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10 |
64 |
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Hotel Sales
for Residential Conversion |
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The Savoy
Sydney |
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23 |
308 |
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Landmark
Parkroyal Hotel Sydney |
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92 |
195 |
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The Rex Hotel
Sydney |
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43 |
169 |
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Cambridge Park
Inn Sydney |
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23 |
134 |
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Oxford Koala
Inn Sydney |
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40 |
114 |
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Sebel Hotel
Parramatta |
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18 |
103 |
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US Sales
Over $20m Since September 11 |
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Sale Price |
Rate per
Room |
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(Million
$US) |
(Thousand
$US) |
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Hotel Delmonico
New York |
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115 |
756 |
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Laguna Beach
Colony |
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190 |
731 |
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La Costa Resort
California |
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120 |
250 |
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Algonquin Hotel
New York |
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42 |
239 |
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Ambassador |
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100 |
200 |
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San Francisco
Courtyard |
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77 |
190 |
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Bridgewater
Marriott New Jersey |
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66 |
190 |
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Boston Marriott |
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214 |
188 |
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Ritz Carlton
Mirage Palm Springs |
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41 |
172 |
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Marriott Vail
Resort Colorado |
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50 |
166 |
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Oakland
Courtyard |
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21 |
132 |
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Baltimore
Courtyard |
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26 |
127 |
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Wyndam Myrtle
Beach |
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35 |
92 |
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Hilton Inn
Tampa |
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21 |
86 |
NB - Sales compiled by Sonnenblick-Goldman Company
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