Grand Mercure Townsville (Grand Hotel and Apartments Townsville) - SOLD

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Sold for 17,900,000 AUD Date of Sale: January 2012
Rooms: 106
Price Per Room: 168,868 AUD
Property Id : 30573

The Grand Mercure Apartments and Ibis Townsville are two adjoining hotels situated on Palmer Street – Townsville’s main accommodation, dining and entertainment hub on the fringe of the CBD. Developed only a few years ago, they have quickly established a reputation as Townsville’s leading accommodation facilities.

Opened in 2008, the Grand Mercure Apartments is a 4.5 star apartment hotel featuring 106 guest rooms and apartments together with a swimming pool, gymnasium, four street-front retail tenancies and 67 carparking spaces.

The 3.5 star Ibis Townsville commenced trading in 2006 and offers 118 guest rooms, a 100 seat restaurant, two conference rooms and car parking for up to 50 vehicles.

Whilst adjoining, the Grand Mercure Apartments and Ibis Townsville occupy separate freehold titles of 3,127 square metres and 3,120 square metres respectively.

Townsville is widely recognised as the centre of commerce for the booming Central and Far North Queensland regions. Underpinned by an extensive resources sector, Townsville also has Australia’s largest military base, a major university and strong tourism and agriculture industries.

Both Hotels are currently operated by Accor Asia Pacific – Australia’s largest hotel operator. However, the Grand Mercure Apartments is being offered for sale with the ability to obtain vacant possession.

Since opening, both Hotels have achieved excellent average daily rate and occupancy growth which has resulted in an equally strong net operating profit.

Based on the Hotels’ outstanding reputation and Townsville’s booming economy, this profit growth is expected to continue over the coming years.

This is the first time these two quality Assets have been offered for sale and represents a chance to acquire two strongly performing mid-market hotels in one of Australia’s largest regional cities.

Wayne Bunz

National Director, Capital Markets
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