Australia’s Grand Sells Four-Star Properties

12th October 2007 (Last Updated October 12th, 2007 08:46)

Australia's leading owner of five-star properties, the Grand Hotel Group, has sold its four-star Marque Hotel portfolio for A$72m. Grand sold the three hotels in Brisbane, Sydney and Canberra on a yield of 6.5%, newspaper The Australian reports. Primespace Property Inve

Australia’s leading owner of five-star properties, the Grand Hotel Group, has sold its four-star Marque Hotel portfolio for A$72m.

Grand sold the three hotels in Brisbane, Sydney and Canberra on a yield of 6.5%, newspaper The Australian reports.

Primespace Property Investments purchased the Marque Hotel Canberra for A$20m, with a private investor purchasing the Marque Hotel Brisbane and Marque Hotel Sydney properties.

The properties are currently leased to Rendezvous Hotels Group and are undergoing a A$7.5m refurbishment.

The deal follows data released by the Australian Bureau of Statistics showing that average daily room rates surged 5.8% nationally in the June quarter, after three years of relatively sluggish growth.

By Elizabeth Clifford-Marsh