Abu Dhabi sovereign wealth fund sells ACT hotel
Jonathan ChancellorDecember 7, 2020
The Abu Dhabi Investment Authority has sold its CBD Canberra hotel for $77 million.
The Novotel at 65 Northbourne Avenue was sold by the sovereign wealth fund owned by Emirate of Abu Dhabi.
According to Canberra Cityscope, the Novotel Canberra, which includes the Jolimont retail centre, was built in 1983.
The six-storey building with basement parking is a 286-room hotel that was refurbished and extended in 2009.
The property last traded at $10 million in 1998.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
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