JLL Hotels & Hospitality Group has been exclusively retained to offer for sale the Chifley Hotel Wollongong (the “Hotel”, “Property” or “Asset”), located at 60-62 Harbour Street, Wollongong under the instructions of Perpetual Nominees Limited as mortgagee in possession.
This outstanding 4.5 star hotel opened in late 2010 and was thoughtfully designed and built at a cost of approximately $43million to cater to the needs of Wollongong’s growing market demand segments. The Property features 168 guest rooms & suites, extensive conference facilities across 16 room options, restaurant, bar, business centre, gymnasium, swimming pool and basement car park.
Only one hour south of Sydney’s International Airport in a stunning coastal setting, Wollongong is one of Australia’s major regional cities and has undergone an extensive transformation in recent years. Renowned for its world-class steel-making and coal mining industries, Australia’s “City of Innovation” is also an important knowledge services centre, international trade hub and leading university city.
Wollongong is the capital of the wider Illawarra region, with 55% (or 290,000) of the Illawarra population and generates 63% of its Gross Regional Product (GRP). Looking forward, Wollongong’s GRP is projected to grow to between $14 and $16 billion by 2022.
The Chifley Hotel Wollongong enjoys a strategic location close to several major demand generators including the city centre, beach, WIN Stadium, Entertainment Centre, Wollongong Golf Club and Port Kembla.
Currently in its establishment phase of trading, the Hotel has achieved continual growth in occupancy levels and average daily rates. Given the expected increase in demand in Wollongong for quality hotel accommodation and conference facilities, the Chifley Hotel Wollongong’s excellent guest offering and favourable location should ensure a very prosperous medium term outlook.
The Property is currently operated under a management agreement with SilverNeedle Hospitality, however the Property is for sale on the basis of vacant possession. Notably, there are several major national and international hotel brands not currently represented in the region.