The Rydges Palmerston Hotel for sale

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The Rydges Palmerston Hotel, one of the largest hotels in the territory, has been put up for sale by businessman John “Foxy” Robinson.

This is the first time Rydges Palmerston has been offered for sale since it opened in 2015. An international expressions of interest campaign, managed by CBRE Hotels Country Director Wayne Bunz and Associate Director Hayley Manvell, will end on 22 september.

The nearly 200-room hotel sits on a large 8,600m² freehold site in Palmerston City.

“This is a high yield investment opportunity backed by proven historical financials, with the hotel consistently trading at near 100% occupancy levels and delivering net income of $7.2 million. dollars in the past fiscal year,” Bunz said.

With 135 hotel rooms and 65 one- and two-bedroom apartments, it offers a combination of 229 beds and has a 24-hour reception, six large conference spaces, a restaurant and a bar, a swimming pool, a gym and parking for 251 cars.

Mr. Bunz said the hotel benefits from a varied and growing demand base, with limited local competition.

“The hotel is currently operated with the benefit of a franchise agreement with Rydges Hotels and Resorts, but an incoming buyer has the ability to exercise vacant ownership at their discretion, opening up the possibility of rebranding or owning and operate the asset,” he said. .

Mr Bunz said that in terms of investment, Darwin is a globally significant LNG service and supply hub, home to the Darwin LNG and Ichthys LNG projects with a combined annual production capacity of 12.6 million tons.

The district is the subject of a $50 billion private and public infrastructure pipeline development, led by Sun Cable’s $35 billion solar energy site, the 1.5 billion dollars from HyperOne and the expansion of INPEX Ichthys LNG’s onshore facilities.

“The pipeline of projects will put Darwin on the world stage and attract a substantial influx of transient workers looking for high-quality short-term accommodation, meaning the long-term guest base for this asset is secure,” he said.

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