200-room, 4.5-star Rydges Palmerston up for sale for the first time since 2015

Are you looking for a new investment opportunity? A major 4.5-star hotel in the Territory is up for sale. Check out all of the features and see if this is the property for you.

ONE of the Northern Territory’s largest hotels is up for sale for the first time since it opened.

The Rydges Palmerston was listed for sale by prominent businessman John ‘Foxy’ Robinson through CBRE Hotels.

The 4.5-star, 200-room hotel is set on a 8600 sqm freehold site in Palmerston City.

There are 135 hotel rooms, 65 one and two-bedroom apartments, six event and conference spaces, a restaurant and bar. There’s also a pool, gym and 251 car parks.

The hotel is open for expressions of interest, with CBRE Hotels national director Wayne Bunz and associate director Hayley Manvell leading the international campaign.

“This is a high-yielding investment opportunity backed by proven historical financials, with the hotel consistently trading at near 100 per cent occupancy levels and achieving a net profit of $7.2m in the past financial year,” Mr Bunz said.

“The hotel is currently operated with the benefit of a franchise agreement to Rydges Hotels and Resorts however an incoming purchaser has the flexibility to exercise vacant possession at their discretion, opening up the opportunity to rebrand or own and operate the asset.”

Mr Bunz said the hotel’s proximity to major projects and industries such as Ichthys LNG, Sun Cable’s $35m solar site and HyperOne’s $1.5bn high-speed network made it an attractive accommodation site.

“The hotel benefits from a diverse and growing demand base, with limited local competing accommodation,” Mr Bunz added.

“The project pipeline will put Darwin on the global stage and attract a substantial influx of transient workers seeking high-quality short-term accommodation, meaning the long-term guest base for this asset is secure.”

Expressions of interest close on September 22.