Thursday, 5 February 2009

Parramatta. CBD hotel still for sale

The Courtyard by Marriott hotel, which was up for sale, with similar hotels at North Ryde and Surfers Paradise, last July, is still on the market. The other two properties have been sold for almost $70 million. Failed New Zealand financier, Bridgecorp, jointly owned the three hotels and interests associated with Bridgecorp director, Gary Urwin. Mirvac Wholesale Hotel Fund purchased the North Ryde property for $31 million The Parramatta property is likely to sell for between $18 million and $19 million. It has 181 rooms and has a long-term agreement with Marriott, according to The Australian Financial Review.