Prendiville Group expands hotel portfolio
The WA family company has bought a Darwin resort for $23 million from TFE Hotels.
Prendiville Group has expanded its accommodation portfolio with the purchase of a Darwin Resort from TFE Hotels for $23 million.
The family company purchased the Travelodge Resort Darwin at 64 Cavenagh Street, in a deal brokered by Savills and Knight Frank.
The transaction marks at least the 12th hotel in Prendiville Group, with its WA assets including Cottesloe Beach Hotel, the Tradewinds Hotel, Samphire Resort and Sandalford Winery.
The company owns a total of 20 venues, including roadhouses, hotels and other hospitality assets.
The recently refurbished 224-room hotel in the Darwin CBD features 32 townhouses, five swimming pools, restaurant, conference and events facilities, a gymnasium, a sun deck and BBQ area and 115 car parking spaces.
Savills Australia and New Zealand managing director of hotel capital markets Mark Durran said the hotel generated strong interest from potential buyers.
“The hotel provides a wide offering of rooms and facilities in an ideal location in the Darwin CBD,” he said.
“With over 130 enquiries and 10 bids lodged throughout the high-profile campaign, investors were attracted by the size, scale and potential of the property as well as the substantial 1.31-hectare city centre land holding.
“The acquisition of this significant parcel in the Darwin CBD offers Prendiville Group strong growth potential for immediately located accommodation and investment opportunity in the medium to long-term.”
While Savills would not confirm the price, industry sources have confirmed the asset changed hands for $23 million.
