New Sebel Canberra hotel sold to German fund manager for $48 million
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New Sebel Canberra hotel sold to German fund manager for $48 million
A global real estate investment manager and Pro-Invest Group have signed contracts to acquire the brand new Sebel Canberra Hotel in a $48 million off-market deal brokered through JLL Hotels & Hospitality Group Managing Director Mark Durran.
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JLLSebel Canberra
The new Sebel Canberra hotel is the latest investment opportunity to be snapped up in the nation's capital after being sold for $48 million in an off-market deal.
The property was acquired by a global real estate investment manager, in conjunction Pro-Invest Group, which has a number of acquisitions and development projects across the country.
Developed by Zapari Group, Sebel Canberra features 144 new serviced apartment style rooms spanning eleven floors.
At a glance:
- Sebel Canberra has been sold to a global real estate investment manager and Pro-Invest Group for $48 million.
- The off-market deal was brokered by JLL Hotels & Hospitality Group Managing Director Mark Durran.
- The property, which was developed by the Zapari Group, has been open in the Civic Square precinct since June.
The 126 studio rooms feature kitchenette facilities, while the 18 one-bedroom suites include full kitchen facilities.
The property commands a prime position within the Civic Square precinct in the heart of Canberra's CBD and has performed strongly since opening in June.
Civic Square is home to ACT Legislative Assembly, Canberra Museum and Gallery, Civic Library and Canberra Theatre, along with many local cultural organisations and a new office development.
Selling agent Mark Durran, of JLL Hotels & Hospitality Group, said the sale of the Sebel confirmed Canberra's status as an investment hotspot.
“Canberra offers attractive yields relative to other capital cities, with a positive long-term growth profile for the hotel market," he said.
“Improved infrastructure such as the Canberra Airport and the new light rail project are also positive for the market.”
"Over the past three years the Canberra hotel market has seen growth in both occupancy and ADR.
"Taking into account the supply pipeline for the city and increased international and domestic demand, Canberra is expected to see continued growth in trading performance over the medium to long term."
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