KEY POINTS:
Three large Australian hotels with nearly 800 rooms are the latest casualty of the Bridgecorp collapse, put up for sale and expected to fetch more than $150 million, according to an Australian report.
An international marketing campaign has begun to sell Courtyard by Marriott hotels in Sydney and Surfers Paradise, reportedly owned by Bridgecorp and a director.
Australian media say Commonwealth Bank had put the hotels into receivership and insolvency specialists KordaMentha are instructed to handle the matter.
"The three are jointly owned by the failed New Zealand financier Bridgecorp and interests associated with Bridgecorp director Gary Urwin," the Australian Financial Review reported. KordaMentha in Sydney said partner David Winterbottom was handling this and several companies were involved but a spokesperson refused to say if Bridgecorp or Urwin were involved.
International real estate broker Jones Lang LaSalle Hotels started a marketing campaign but Mark Durran of the Sydney office said any comment on the sale had to come from KordaMentha.
"Each of these strategically located hotels is being sold with the benefit of Marriott International Inc management. The portfolio is being offered for sale individually or in one line," JLL said. Expressions of interest close on August 1.
The Marriott in North Ryde is a new 4.5 star hotel with 196 rooms, restaurant/bar and eight conference rooms.
The Marriott in Parramatta has 181 rooms, restaurant, seven conference rooms and income from 220 car parks.
The Surfers Paradise Courtyard by Marriott on the Gold Coast has 405 rooms, two bars, restaurant and refurbished conference areas.
Dean Humphries, national New Zealand director of Jones Lang LaSalle Hotels, said the market for these types of properties remained strong.
ON THE BLOCK
* Courtyard by Marriott Surfers Paradise.
* Courtyard by Marriott North Ryde.
* Courtyard by Marriott Parramatta.
