Australian hotel transactions surge 71% to US$197m in Q3 | Real Estate Asia
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Australian hotel transactions surge 71% to US$197m in Q3

There were a total of eight hotel investment transactions during the quarter.

Australia recorded US$197 million worth of hotel investments from eight transactions in Q3, an increase of 71% y-o-y. According to Savills, some notable transactions included the Primus Hotel Sydney and All Seasons International Bendigo, together accounting for almost 70% of the total transaction volume in Australia this quarter. 

Here’s more from Savills:

In July, the 77-key All Seasons International Bendigo was sold to Moelis Australia for AU$55 million (approximately US$40 million, US$525,000 per key). The sale of the 172-key Primus Hotel Sydney was completed in September. Pro-invest successfully acquired its first luxury property for AU$132 million (approximately US$96 million, US$560,000 per key). 

The property will be rebranded to become Kimpton Sydney and is set to open in 2022. In August, Elanor Investors Group launched a AUD$346 million-fund called Elanor Hotel Accommodation Fund (EHAF), consisting of 14 regional and luxury hotels providing 1,179 rooms located across five states and territories in Australia. 

The fund aims to grow to over AU$500 million in the short term and deliver an internal rate of return of 20% annually.

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