GEOCON’s Abode hotel sells for $28.8 million

Canfan 3 December 2014 1
140718 Abode_logo circle mark

GEOCON’s Abode Hotel at Woden, Juliana House, has sold for $28.8 million in a deal negotiated through JLL & CBRE. The sale is a milestone for the group and will be influential in GEOCON taking its development and hotel businesses to the next level.

GEOCON is the owner and operator of Abode Apartment Hotels in Canberra and will continue to manage the Woden hotel under the Abode brand; which has become synonymous with apartment-style accommodation in the capital.

Managing Director, Nick Georgalis said, “We made the decision to sell and lease back the hotel to grow the business to new heights. We have a number of exciting residential projects and new Abode hotels coming to market next year and this will definitely allow us to progress our vision to Build Canberra.”

Located at 10 Bowes Street, Abode Woden opened in August 2013 following the complete refurbishment of Juliana House. GEOCON purchased the building and completed a 7-month refurbishment, transforming the unused space into its third hotel in Canberra. GEOCON engaged with the Green Building Council of Australia on the project to receive the title of Australia’s first registered Green Star and NABERS rated hotel.

The hotel features 151 apartment-style rooms plus a two-bedroom manager’s apartment, conference facilities and a cafe/restaurant. It is located close to leisure and education facilities, in addition to Parliament House, the National Gallery, the National Convention Centre and various government departments.

(GEOCON Media Release)

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One Response to GEOCON’s Abode hotel sells for $28.8 million
wildturkeycanoe wildturkeycanoe 7:17 am 07 Dec 14

Wow that is cheap. It works out to be only $190k per apartment and you get the cafe and conference area thrown in for free. Considering the rental income will be much more than standard rents it will certainly be a money maker for the new owner. I worked on that project and hope they fixed the elevators because they had an annoying habit of being broken more often than they were working.
How would you feel to stay at a hotel and have to park across the road if you could find a spot and feed the meter? How about getting up after checkout time and find a ticket on your windscreen because you hadn’t paid the night before? I don’t think I have ever seen a hotel where free parking isn’t provided.
I have to laugh at the boasting of it being close to Parliament House, the NGA etc. When has 8km or half an hour by bus been considered “close”? You might as well say it is also close to the Sydney Aquarium, in comparison to the distance to the moon.
Reviews of this hotel are mixed but a lot of them are quite bad, so perhaps it isn’t such a steal….time will tell.

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