One of the Top End’s most prominent hotel assets, the Travelodge Resort Darwin, has been sold to WA-based hotel operator, Prendiville Group, via a high-profile international sale process that attracted a series of competitive bids throughout the six week campaign.

The 224-room property, located at 64 Cavenagh Street in Darwin, was sold by Mark Durran and Paul Savitz from global agency Savills Australia and New Zealand and Peter McVann from Knight Frank Australia, on behalf of TFE Hotels.

In the heart of Darwin city, the recently refurbished hotel resort includes 32 self-contained townhouses, with a new modern design and a host of resort amenities, including multiple swimming pools, Treetops Restaurant, conference and events facilities, a gymnasium, a sun deck and BBQ area as well as 115 car parking spaces.

Speaking on the transaction, Mark Durran, Managing Director of Hotel Capital Markets at Savills Australia and New Zealand, said, “The hotel provides a wide offering of rooms and facilities in an ideal location in the Darwin CBD. With over 130 enquiries and 10 bids lodged throughout the high-profile campaign, investors were attracted by the size, scale and potential of the property as well as the substantial 1.31-hectare city centre land holding.”

“The acquisition of this significant parcel in the Darwin CBD offers Prendiville Group strong growth potential for immediately located accommodation and investment opportunity in the medium to long-term.” Mr. Durran added.

Paul Savitz, Director, Operational Capital Markets at Savills Australia and New Zealand added, “The Australian and Northern Territory Governments are working to revitalise Darwin’s CBD.

This activity, together with the opening of the new Charles Darwin University campus directly adjacent to the hotel is set to add further demand and create new revenue streams for the hotel,” Mr Savitz concluded.

Leo Killeen, Associate, Hotel Capital Markets at Savills Australia and New Zealand said, “Prendiville Group is a family-owned, owner-operated hotel group with an extensive portfolio of beach, apartment and resort hotels across WA and Queensland.

“The acquisition of the Travelodge Resort Darwin is a strategic move by the group as they advance their business objectives of expanding their portfolio footprint.”

Travelodge Resort Darwin will continue to trade as normal and all bookings will be honoured by the incoming operator post-handover.

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