Four-Star Hotel in Parramatta’s heart for sale by Savills
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Four-Star Hotel in Parramatta’s heart for sale by Savills
A Holiday Inn & Suites hotel Parramatta for sale with the benefit of a franchise agreement with InterContinental Hotels Group (IHG) under the globally successful Holiday Inn & Suites brand. Holiday Inn & Suites Parramatta Marsden for sale by Nick Lower and Selin Ince of Savills Hotels.
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Four-Star Hotel in Parramatta’s heart for sale by Savills -
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A Holiday Inn & Suites hotel in Parramatta has been put to market, the asset being offered for sale with the benefit of a franchise agreement with InterContinental Hotels Group (IHG) under the globally successful Holiday Inn & Suites brand.
Holiday Inn & Suites Parramatta Marsden, positioned on the prominent intersection of the Great Western Highway and Marsden Street was purpose built as a premium accommodation offering in 2018 and occupies a 632sq m site area at 100 Marsden Street, Parramatta.
The building consists of three storeys, with a lobby bar, in house bar and café, 24-hour in- house gym, on site laundry, and car parking, and boasts 37 elegant rooms and suites, each incorporating a luxurious contemporary design.
Accommodation demand in Parramatta is set to continue booming, given the quickly evolving office and entertainment offerings of the city, increasingly thought of as Sydney’s second CBD.
On the back of strong trading performances during the pandemic and lockdowns, Parramatta is leading the charge in the overall recovery of the accommodation sector in Sydney’s West. In fact, research conducted by STR reveals total occupancy in the Western Suburbs reached 68.1% as of July 2023, with further increases expected to exceed the approximately 75% occupancy seen in 2019 given the major development the city has seen.
Year to date, the Average Daily Rate for Parramatta has grown 20.3% in comparison to calendar year 2019. On the back of this, RevPAR for the passing July month is already approximately 10% over 2019 RevPAR.
Further incoming trading growth is forecasted for accommodation within Sydney’s West with international visitation, group tour business, and corporate travel returning, boding well for owners of hotels.
Speaking on the opportunity, Selin Ince, Senior Executive, Hotels at Savills stated, “The Holiday Inn & Suites Parramatta Marsden is a strongly trading asset presenting a high- yielding investment opportunity sure to attract significant interest from a range of potential purchasers.”
Nick Lower, Executive, Hotels at Savills added, “Given the growth of Western Sydney and Parramatta’s core, owners of accommodation assets in Parramatta are no doubt set to benefit from the forecasted record level trading incoming, on the back of the sector’s recovery and the suburb’s market fundamentals.
“Given current construction costs, we expect in the medium term that demand for quality accommodation in Parramatta will continue to exceed supply.”
The Holiday Inn & Suites Parramatta Marsden Street is being offered for sale via Expressions of Interest by Savills exclusively, closing 11am on the 31th of October 2023.
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