JLL Hotels & Hospitality Group is delighted to announce the sale of the Ibis Budget in Dubbo NSW. The venue was sold on behalf of Iris Capital who capitalised on buoyed investment activity within the sector to strategically divest the venue.

The hotel was sold via a discreet off-market process with the successful purchaser being a private existing portfolio owner.

The Ibis Budget comprises a total of 65 ensuited accommodation rooms positioned on an impressive 3,963sqm corner site. The current offering includes smart and affordable accommodation rooms which are complimented by on-site restaurant, pool and expansive car park.

The venue enjoys a healthy occupancy rate of circa 75%, with this level expected to increase due to substantial renewable infrastructure projects occurring within the Central West Area.

The Ibis Budget was sold by JLL Hotels specialists Greg Jeloudev and Andrew Langsford, with Mr Jeloudev noting ‘Private capital continues to pour into the mid-scale accommodation market, particularly for assets with substantial value add opportunities.The Ibis Budget is ready for its next investment cycle, with the purchaser intending to reposition the current offering.’

Dubbo is a major regional city in Central West NSW that has a growing population of over 38,000 residents. The area is well known for its agricultural industry, in particularly what and wool production. The city is home to the internationally recognised Taronga Western Plain Zoo and continues to grow as a commercial stronghold in central NSW.

The sale of the Ibis Budget closely follows JLL’s recent mid-market accommodation sale announcements of the Ten Dollar Town Motel in Gulgong and the Mantra Bathurst Hotel.

As evidenced by these transactions, regional NSW continues to be an attractive investment proposition due to large government funded infrastructure initiatives and excellent tourist attractants. For a copy of the sale analysis, please contact the undersigned JLL agents.

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