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Rendezvous Grand Adelaide for sale

rendevous grand photo 2

The Rendezvous Grand Hotel in Adelaide has been listed for sale.

Melbourne-based Mattioli Group has appointed CBRE Hotels as the agents for the freehold sale of the 202-room, five-star property.

According to CBRE, an international Expressions of Interest campaign for the landmark property will close on August 15, 2013.

Wayne Bunz, Senior Director of CBRE Hotels, said a key attraction for purchasers would be the triple net lease in place to the Singaporean based Straits Trading Company which is presently finalising a joint venture with fellow Singaporean company Far East Orchard.

However, Bunz said, an incoming purchaser would also have the ability to acquire the hotel with vacant possession.

“The hotel offers several options for investors, including the potential to acquire the property on a purely passive basis with a triple net lease to the Straits Trading Company,” he said.

“Under the terms of the lease, there is also the option to acquire the hotel with vacant possession, which greatly opens up the potential investor pool.

“Several major hotel operators are not presently represented in the Adelaide five star hotel market.

“On that basis we expect significant competition between owner operators keen to gain a foot hold in the Adelaide market and a range of local and overseas buyers, including a number of increasingly active Chinese investors.”

Bunz said in addition to the hotel, the Mattioli Group is separately offering for sale a commercial development site at 68 Currie Street, in the heart of the Adelaide CBD.

He said CBRE was also steering the sale campaign for Currie Street, which has a strong holding income from a showroom and car parking facilities.

According to CBRE, the site has an extensive development approval for a 29-storey boutique hotel, allowing an incoming purchaser to “build a new Adelaide landmark”.

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