Geelong’s newest hotel, the Holiday Inn & Suites, Geelong is on the market in what is Victoria’s first major hotel sale for 2024.
The hotel, expected to sell for more than $70 million has 180 meticulously finished rooms, including 23 suites, a signature Open Lobby, all-day dining options, versatile meeting spaces, and premium amenities such as a heated indoor pool and fully equipped gym. Located on the hotel’s first level is the new home of Good Chef Bad Chef Adrian Richardson’s latest restaurant, Maestro, a steak mecca showcasing local produce and wines from the region.
The Holiday Inn & Suites Geelong is part of the Franze-developed $200 million Geelong Quarter, completed in 2023 and the hotel opening in September of that year with one of the world’s leading hotel management companies as the operator, IHG Hotels & Resorts.
Located on the western edge of the Geelong CBD at 40 Ryrie Street, the hotel is strategically positioned to the city’s key demand generators such as GMHBA Stadium and Geelong Arts Centre. Under the management of IHG Hotels & Resorts, it is the only IHG brand hotel in the city. Bellarine and Surf Coast meaning the property is set to benefit from IHG’s global distribution platform.
Paul Franze, Founder of Franze Developments, says, “I am extremely proud of what we have delivered in terms of the quality of the build and seeing first-hand the positive impact the hotel is having on the continued growth of the Geelong community.”
“It’s been seven years since we first purchased the site, and I am looking forward to Franze Developments’ upcoming projects. I see this as an opportune time to sell the hotel in order to capitalise on the new opportunities being presented to Franze Developments,” said Mr. Franze.
Mr. Franze explains that The Holiday Inn & Suites Geelong was delivered when many other hotel projects were shelved due to the contraction in available funding and increased construction costs. “The opportunity to access a newly built hotel with no capital expenditure required in the short to medium term, run by a world-leading hotel group, is extremely rare.”
Geelong is booming with increased population growth coupled with an expanded GMHBA stadium, thriving new arts centre, stronger government presence, and relocation of the Spirit of Tasmania terminal. With a major hospital, university, evolving calendar of major events and gateway to the Great Ocean Road, it’s hard to see the future being anything but extremely positive for the area.
Nick MacFie and Peter Harper of JLL Hotels & Hospitality, together with Nick Lower and Benson Zhou of Savills, have been appointed to market the hotel via an expression of interest closing on 30 May 2024.
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