An expected surge in leisure and business growth in the NSW Riverina town of Wagga Wagga has resulted in nearly 70 enquiries from interested developers and hotel operators eager to secure a four-star approved hotel site in the burgeoning township.
The site is DA-approved for a 100-room four-star hotel and was recently sold by HTL Property in an on-market transaction which attracted four serious offers. The 1,468 square metre site, which was secured by an offshore investor, sits on three sides of a block on Baylis Street in the Wagga Wagga CBD.
HTL Property HTL Property Director, Nic Simarro, said that despite international borders remaining closed for the time being, significant levels of capital were continuing to flow into Australia, further improving the reputation of regional Australia as a strong investment vehicle.
Samarro added that Hilton Garden Inn was one of the parties which expressed interest in managing the approved hotel development. The midscale Hilton brand has three hotels in Australia in its pipeline, with the first opening in the Western Australian town of Albany later this year.
“Regional centres in growth corridors and those which can generate diversified revenue inputs such as Wagga Wagga are continuing to attract significant domestic and international investor interest,” he said.
HTL Property National Accommodation Director, Andrew Jackson, said: “We have enjoyed high levels of enquiry for both existing and accommodation development opportunities nationally and regarding both regional and metro markets.
“With several transactions in advanced stages of negotiation, we fondly anticipate imminent market disclosures regarding further successful sales,” Jackson added.
Plans for the hotel development come following the arrival of two major global brands into Wagga Wagga in the past few years, with both Holiday Inn and Best Western either currently active, or soon to be represented in the town.