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)