Geelong's newest hotel, the Holiday Inn & Suites Geelong, is for sale in what represents the first major hotel to have been brought to market in 2024, with price expectations expected to be topping $70 million.

Situated within the $200 million Geelong Quarter, developed by Franze Developments, The Holiday Inn & Suites Geelong opened its doors in September 2023. The hotel is managed by one of the world's leading hotel management companies, IHG Hotels & Resorts, under its globally recognised Holiday Inn brand.  

The hotel features 180 modern rooms, including 23 suites, a signature Open Lobby, all-day dining options, versatile meeting spaces, and premium amenities such as a heated indoor pool and fully equipped gym. Located on the hotel's first level is the new home of Good Chef Bad Chef Adrian Richardson's latest restaurant, Maestro, a steak mecca showcasing local produce and wines from the region.

The hotel is strategically positioned in the heart of Geelong's CBD at 40 Ryrie Street, close to many key tourism attractions, including the GMHBA Stadium and Geelong Arts Centre, retail and hospitality experiences, and corporate centres with several transportation hubs.

Paul Franze, Founder of Franze Developments, says, "I am extremely proud of what we have delivered in terms of the quality of the build and seeing first-hand the positive impact the hotel is having on the continued growth of the Geelong community."

"It's been seven years since we first purchased the site, and I am looking forward to Franze Developments' upcoming projects. I see this as an opportune time to sell the hotel to capitalise on the new opportunities being presented to us," said Mr Franze.

Nick MacFie and Peter Harper of JLL Hotels & Hospitality have, in conjunction with Nick Lower and Benson Zhou of Savills, been appointed to market the hotel via an expression of interest closing on 30 May 2024.

"The successful development and performance of Holiday Inn & Suites Geelong underscore its strength as a market leader in the region. Its exceptional build quality and strategic positioning make it a highly desirable asset for investors looking to capitalise on Geelong's growing prominence as a go-to destination," says Nick MacFie, Vice President of JLL's Hotel and Hospitality Group.

Mr MacFie explains, "Amidst evolving market dynamics, regional centres like Geelong continue to demonstrate resilience, outperforming CBD markets reliant on corporate and international tourism. The ongoing restrictions on international travel have redirected focus towards domestic holidays, bolstering drive leisure tourism and enhancing opportunities within regional markets."

In the last few years, heightened hotel sales activity, particularly in regional assets, underscores investors' confidence in the sector's long-term prospects. Notably, expectations of distressed selling at the outset of the pandemic have not materialised, reflecting stability and optimism within the market," says Nick Lower, State Director, Savills.

As the fastest-growing regional city in the country, Geelong is booming. Recent data from Tourism Research Australia demonstrates a 12% surge in total domestic visitor nights for the Geelong and neighbouring Bellarine areas compared to pre-COVID levels, reaching 4.7 million nights. This was accompanied by a 33% increase in total expenditure, amounting to $1.7 billion.

"With a major hospital, university, evolving calendar of major events and gateway to the Great Ocean Road, it's hard to see the future being anything but extremely positive for the area," says Mr Lower. "Holiday Inn & Suites Geelong is a testament to the enduring appeal of well-designed hospitality assets in regional markets. Its unique offerings and strong investment credentials make it a prime opportunity for investors seeking long-term value,” added Nick Lower.

Geelong's newest hotel, the Holiday Inn & Suites Geelong for sale through Savills and JLL