CANBERRA, ACT, AUSTRALIA: Toga Hotels, in a joint venture with the NRMA, has bought the heritage-listed Hotel Kurrajong in Canberra for AUD$7.65 million.
Speaking exclusively to HM, Toga Hotels CEO Rachel Argaman said the company was “absolutely thrilled” with the purchase of the 145-room hotel.
“The acquisition boosts Toga Hotel’s presence in the Canberra market, and importantly also gives the NRMA a presence in the region,” she said.
“The hotel will be extensively redeveloped internally within heritage guidelines to become the Travelodge Kurrajong. It will have approximately 145 rooms, the Chifley Restaurant and several conference rooms.”
She praised the work of both the Toga and NRMA teams for winning the auction on Wednesday (Mar 20).
“A very sincere thank you to the team of Michael Herman, Brent Smith, Jeffrey Klein and Peter McKenzie from Toga and Tom Mooney, Melanie Willis and John Hudson from NRMA for the considerable effort put in to make it all happen and to the directors of both companies who reviewed, approved and advised on the bid.”
Toga and NRMA have picked up a bargain, with agents expecting the property to have sold for between AUD$8 million and $10 million, according to The Canberra Times.
For a tour of Hotel Kurrajong, click on the image below.