Skip to main content Skip to footer

Case Study | Rydges Bankstown: Brokerage

CMIS_Achievements2021_ECESite_AURydgesBankstown_1536x1040 v2

Collaborative teams of experts to deliver best-in-class advice. Experts choose experts.


Location (City)

Asset Type

Transaction Date

Size (Sqm)

Value (USD)

Bass Hill, NSW

Hotel
November 2021
9,000

19.8 million

 

Buyer: Laundy Group

Seller: Event Hospitality & Entertainment

Services provided: Sale

 

Background

Colliers was appointed to market Rydges Bankstown on behalf of Event Hotels and Resorts, the vendor.

Rydges Bankstown has 120-rooms, restaurant, bar and conferencing facilities and on-grade parking for 150 cars. The hotel has a long track record of strong and stable profitability, borne from its prominent location among a host of demand drivers. It is one of just a handful of branded upscale hotels in the South West region and draws from a wide range of markets including Bankstown, Liverpool, Chullora, Milperra, Parramatta and the nearby Bankstown Airport. The property also sits on a substantial 9,000 sqm site, which has flexible zoning to permit further development.

The Process

Colliers ran an Expressions of Interest campaign. With its flexible B5 Business development zoning, the site offered a wide variety of alternate use possibilities including office, medical, education and industrial. Colliers assembled a team of experts to market the property with strong relationships across a range of sectors which resulted in strong bidding from a diverse mix of buyers.

The Challenge

The campaign launched in June, but shortly thereafter Sydney went into lockdown with the Canterbury Bankstown LGA being designated a major hotspot. Despite these challenges, the underlying strong fundamentals of the property saw keen interest in the hotel with a wide profile of investors drawn to this opportunity, from traditional hotel investors to alternate use groups.

The Results

The hotel was sold to the Laundy Group for $28 million and under the terms of the sale, Rydges will remain the operator of the hotel under a management agreement.

 

“Gus, Karen and Frank worked exceptionally well to cover all aspects of the South West Sydney investment market. They worked tirelessly to source a variety of different buyer types, which in turn allowed them to maintain competitive tension throughout the campaign. Event Hotels and Resorts were very pleased with the outcome, which was achieved in a challenging climate, given lockdowns in South West Sydney.”

 

-- Peter Hill, Event Hospitality & Entertainment

 

Connect with our Capital Markets and Investment Services experts today to find out how we can accelerate the success of your real estate investment.

View more of our client success stories and expert thought leadership here.

 


Related Experts
Australia

Gus Moors

Head of Hotels | Australia

Hotels

Sydney

Having joined Colliers in early 2014, I have subsequently sold over $180 million of hotel assets across Victoria and NSW, including the largest hotel transaction in Victoria since 2008, being Bell City Preston for $143 million.

Prior to joining Colliers, I was Director of Asset Management for Tourism Asset Holdings Limited (TAHL), Australia's largest hotel owner and responsible for selling down this portfolio totalling over $1.5 billion.

Before TAHL, I was with Jones Lang LaSalle Hotels for 7 years, as Head of Asset Management and Chief Operating Officer for the Hotels group across Asia Pacific.

View expert
Australia

Karen Wales

National Director, Asia Pacific | Hotels Transaction Services

Hotels

Sydney

Karen has over twenty years of experience in the hotel industry and holds a Masters of Business Administration (MBA) from the Australian Graduate School of Management. She brings with her a specialised knowledge of the Asia Pacific hotel investment market and an ability to drive fresh capital into Australia’s hotel markets. She has developed an exceptional network over the past two years across Asia and the Middle East and within government, in her capacity as Senior Investment Specialist Tourism Infrastructure at Austrade and her knowledge of new entrants into the growing Australian tourism sector is second to none.      

View expert
Australia

Frank Oliveri

Director In Charge | Sydney West & Sydney South West

National Director | Investment Services

Sydney West

Frank is the Director in Charge of Colliers Sydney West & Sydney South West offices and the National Director, Investment Services.

Frank served 17 years as a councillor on Fairfield City Council, he was also a Director of WSROC (Western Sydney Regional Organisation of Councils) for 4 years and served on the executive of the Local Government Association of NSW.


Frank was previously appointed as a representative of the Liverpool City Council Independent Hearing and Assessment Panel between 2008 and 2010. Frank was also appointed by the NSW Government to the Board of the Greater Western Sydney Economic Development Board, Small Business Development Corporation, Regional Development Australian (Greater Sydney) and the Board of the Property Services Advisory Council.

Frank showcases extensive experience with business and various Government agencies across NSW at a local, state and federal level.

View expert