Jones Lang LaSalle Hotels and FPDSavills have sold the Parkside Hotel and Motel in Adelaide to an Adelaide property company for $11 million. Brokered on behalf of InterContinental Hotels Group, the hotel will continue to operate under the Parkside brand, with a possible residential conversion earmarked for the future.
Formerly known as the Holiday Inn Adelaide, the Parkside Hotel and Motel is situated in the CBD on South Terrace and boasts excellent views overlooking the picturesque south parklands. The two adjoining properties feature a range of accommodation across two buildings, comprising a 134 room hotel and a 60 room motel, a restaurant, bar, conference facilities, an outdoor pool and extensive off-street parking. “Given that the properties had the potential to be sold as two separate buildings on two separate titles, hotel investors and developers saw this as an exceptional opportunity,” said Mr Geordie Clark, Managing Director, Jones Lang LaSalle Hotels.
The Parkside Hotel and Motel occupies a large 7,211 square metre site and is considered an exciting investment for further development. It is anticipated that the new owners of the Parkside Hotel and Motel will continue to operate the hotel and motel business.
The incoming owner is confident that Adelaide’s hotel market will show improved trading performance. “Whilst the owners ponder the development opportunity, the business can continue to improve,” said Mr Clark.
The Parkside Hotel and Motel, purchased with vacant possession, was offered for sale via an Expressions of Interest campaign and attracted strong interest from a variety of hotel investors, developers and high net worth individuals.