Canberra aparthotel changes hands before Adina rebrand

George Sell George Sell Uploaded 09 February 2018

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Australia: The Aria Hotel in Canberra has been sold for AUS$35 million.

CBRE Hotels' Andrew Jackson negotiated the sale of the Aria Hotel to Sydney fund manager Aligned FM. It is Aligned's first acquisition in Canberra and will be rebranded as an Adinaaparthotel on March 1st.

Glen Boultwood, CEO of Aligned FM, said: "The acquisition of the Aria Canberra provides further diversification to our existing portfolio, access to a market with strong trading performance and the ownership of a well built and maintained property."

Located at 45 Dooring Street, Dickson, Aria Hotel is a medium-rise serviced apartment complex comprising 128 units, a café and onsite parking for 107 vehicles.

The hotel was sold with vacant possession, being previously owned and operated by a local operator.

Aligned has been active in the serviced apartment space recently. Boultwood said: "Aligned FM has been selectively acquiring hotels and serviced apartment complexes around Australia to create a diversified portfolio for its investors. Over the past 18 months Aligned FM has exchanged contracts on four properties worth around $100 million including the Aria Canberra, Quest Nowra, Quest Penrith and one other. Upon completion of these assets the portfolio will grow from 940 rooms to 1,261 rooms."

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