The off-market sale achieved a record price for an adaptive re-use in the Canberra City and is a testament to the high calibre capability of the Zapari group and a sign of confidence in the National Capital market.
Opened in June 2019 following an extensive refurbishment of an old office building known as Eclipse House, the new 4.5-star hotel comprises 144 brand new, apartment-style hotel rooms over ten floors. The hotel will be operated by Pro-invest Group under The Sebel brand.
Managing Director of Zapari, Mr Nick Skepev, said –
“We are very pleased with the sales price achieved for this prime asset and we look forward to recycling our capital to deliver our exciting and growing $1billion pipeline of quality projects in the ACT”.
“The successful delivery of this highly complex project is a testament to Zapari’s strong internal capability to deal with complex projects, extract value and maximise risk-adjusted returns”.
James Bartlett, Head of Real Estate, Australia at DWS said: “The attractive outlook for Canberra Hotel market fundamentals, combined with the asset’s prime location, make for a compelling investment proposition.” He added: “We are pleased to have secured this off-market opportunity, and we look forward to working with Pro-invest Group to enhance the Hotel’s operational performance.”
The completed hotel has been operating very strongly since it has opened and is strategically positioned for future growth adjacent to the high profile Constitution Place development by Capital Airport group.
The Zapari group is looking to continue to develop and operate quality hotel assets across its strong regional and national portfolio.
For further information please contact:
Jennifer Paz Phone: 02 6285 7500 E-mail: Jennifer.firstname.lastname@example.org