In what will be the first major hotel sale in Hobart for around three years, a period which has seen the market evolve into an established international tourism destination, the Travelodge Hobart is to be offered to the market this week.

Ideally located near the Hobart waterfront and within close proximity to the majority of the city’s major tourism accommodation demand generators, the Travelodge Hobart features 131 guest rooms, restaurant, bar, and supporting guest facilities. It is operated under the terms of a Hotel Management Agreement with TFE Hotels.

Mr Durran said, “The Travelodge Hobart has demonstrated strong trading results and excellent profitability levels over the past few years. On top of these excellent real estate and business fundamentals, there is also the immediate potential to further improve profitability through several opportunities to convert under-utilised space within the hotel into income generating functions.”

Hobart has become a recognised tourism destination not only within Australia, but also globally in recent years. Voted by Lonely Planet as one of the ‘Top 10 Places to Visit in 2015’, the city boasts a range of world class events and attractions and acts as the gateway to all that Tasmania has to offer including iconic wineries, incredible produce and unreplicated natural beauty.

As a result, Hobart has experienced a considerable surge in airport passenger movements with growth of around 5.3% per annum over a three year period to record 2.2 million in 2015. This growth rate is expected to continue with forecast passenger movements of around 2.6 million by 2020.

Hotel trading performance has been equally strong with RevPAR increasing 4.7% per annum over the past six years, and further positive growth is expected over the period to 2020.

Mr Harper said, “All of this is contributing to increased infrastructure and tourism amenity which should ensure the long term sustainability and performance of the industry. It is for these reasons, combined with a severe shortage of quality hotel acquisition opportunities nationally, that we are expecting wide ranging investor interest from Australian and offshore groups.”

The property is being offered for sale via an expression of interest campaign closing Friday 26 May 2017.

For further information please contact Mark Durran or Peter Harper.

See also:

Get to Know Peter Harper - Executive Vice President, Investment Sales of JLL Hotels & Hospitality Group

South Molle Island Sold by Peter Harper and Tate Stubbs of JLL Hotels & Hospitality Group