NRMA is negotiating to take full control of Tucker Box Hotel Group portfolio
Tucker Box Hotel Group portfolio controls 11 Travelodge hotels
NRMA & Mirvac hold equal stakes in Tucker Box
Portfolio represents approx. 2000 rooms worth about $600m
NRMA is negotiating to take full control of Tucker Box Hotel Group portfolio which is a 50/50 joint venture with Mirvac.
The unlisted venture owns 11 Travelodge hotels with approx. 2000 rooms, representing a value of approx. $600 million.
The group owns three Travelodges in the Sydney central business district as well as hotels in the Sydney suburbs of Manly, Macquarie Park, Bankstown and Blacktown. The portfolio is also represented in Newcastle, Melbourne, Brisbane and Perth.
Mirvac acknowledged that it was expected to complete the sale this quarter at “approximately book value”.
The Tucker Box Hotel Group was set up in March 2005 with a focus on the limited-service hotel market in Australia.
Mirvac had the properties in the venture valued at $614m when it had 12 hotels with 2027 rooms before selling the Rockhampton property last year.