Chifley, Hovell 'to fetch $25m'

The Chifley Hotel has been put up for sale by its owner, Lend Lease.
The Chifley Hotel has been put up for sale by its owner, Lend Lease.
The Country Comfort Hovell Tree Hotel, in Wodonga Place.

The Country Comfort Hovell Tree Hotel, in Wodonga Place.

ALBURY’S Chifley Hotel and Country Comfort Hovell Tree Hotel are for sale and could fetch more than $25 million between them.

National agents CBRE Hotels have called for expressions of interest by October 7 for the two hotels, as well as the Country Comfort hotels at Wagga and Shepparton.

They say the 140-room Chifley performs strongly as a corporate-style hotel, while the Country Comfort in Wodonga Place is “an extremely well-presented boutique property” with 60 bedrooms.

Agent Rob Cross said yesterday that owner Lend Lease was willing to sell the four hotels together or individually.

“The diversity of the portfolio would appeal to a wide range of purchasers, including owner operators, private investors, emerging hotel chains and trusts,” Mr Cross said.

Constellation Hotels manages the two Albury hotels but agents say they “can be purchased with vacant possession or subject to the existing management agreement”.

CBRE Hotels sells hotels across Australia and last year negotiated the $44 million sale of the 181-room Perth Holiday Inn.

The Chifley was opened as the Albury Travelodge by then opposition leader Gough Whitlam on October 15, 1971.

It has since undergone several name and ownership changes.

In 2005, it was the Country Comfort when a Lend Lease subsidiary company bought it from the Grand Hotels Group for $15.6 million.

In 2007, Lend Lease acquired the then Hovell Tree Inn and the Paddlesteamer motels by purchasing the entire Sundowner group of motels, though no longer owns the Paddlesteamer.

After spending $3 million refurbishing the eight-storey Dean Street hotel, Lend Lease renamed it the Chifley in late 2007 and transferred the name Country Comfort to the Hovell Tree Inn.