North Hobart hotel hits the market with a multi-million dollar price tag
A North Hobart hotel is on the market with a multi-million dollar price target.
The Rydges hotel is on a 1.186-hectare site and has 63 rooms and suites and includes a restaurant and bar, conference facilities, a swimming pool, gym and large car park.
The property is located on Argyle Street between the North Hobart Oval and Friends’ School and the sale is being managed by JLL Hotels & Hospitality Group.
“Rydges Hobart has been a mainstay of the city’s hotel offering for many years now, enjoying an excellent reputation and strong trading history,” JLL Managing Director Peter Harper said.
“This, together with the incredible underlying landholding, provides a plethora of options for investors to consider either immediately or over the medium to long term while they benefit from a high yielding investment in the interim.”
A large vacant building on the property could also be an attractive proposition for buyers, who could look at reuse or redevelopment in accordance with the property’s inner residential zoning.
Interest is expected to be high.
“Over recent years Hobart has become one of the strongest performing hotel and residential markets in the country with considerable investment and development from local, interstate and international groups,” JLL Vice President Nick MacFie said.
Expressions of interest close in early June.
Jonathan Jackson, 16th May 2024
