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Industry News
Hotel Industry NewsHotel residential strategy pays off for TAHLThe country's largest hotel owner made these sales amid a solid residential investment market in the NSW capital.The group chose to sell apartments in the hotel individually as residences last year, with the market value for residential property higher than it is for hotels.The one-, two- and three-bedroom units sold for between $600,000 and $800,000, while the penthouses changed hands for about $1m. The apartments were marketed in December and the property will stop trading as a hotel by the end of the year. TAHL chief executive Matthew Eady said it was a strategic decision, focusing on the highest and best use of the asset.He said moves by other operators to sell off hotels as residential plays was supporting the hotel industry, with few hotel developments in the pipeline limiting supply.This is one of the reasons why that the hotel industry is looking good for the next three to five years," Mr Eady said."In the last downturn, you had oversupply and lack of demand -- a perfect storm."
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