Established developer off loads Hotel to reinvest in the region

May 3, 2024 BY

The 180 room Holiday Inn & Suites is on the market for a price expectation of more than $70 million. INSET: Developer Paul Franze in 2017 on the Ryrie Street site shortly after he bought it for $7 million.

One of Geelong’s newest developments, the $200 million Geelong Quarter project, is freeing up some capital by placing its 180 room Holiday Inn & Suites component on the market for a price expectation of more than $70 million.

The Holiday Inn & Suites Geelong is just one part of the overall project that has become a landmark establishment located on the western edge of the Geelong CBD at 40 Ryrie Street.

Completed in 2023, the hotel opened under the management of hotel operator IHG Hotels & Resorts.

The hotel is strategically positioned to the city’s key demand generators such as GMHBA Stadium and Geelong Arts Centre and is the only IHG brand hotel in the city.

Developer Paul Franze in 2017 on the Ryrie Street site shortly after he bought it for $7 million


Developer, Franze Developments, managed to deliver the Holiday Inn & Suites project amidst turmoil in the construction industry that saw other hotel projects delayed or scrapped as available funding became tight, and increased construction costs caused by labour and supply chain shortages hit home.

Founder of Franze Developments, Paul Franze, says that he is extremely proud of what they have delivered in terms of the quality of the build, and seeing first-hand the positive impact the hotel is having on the continued growth of the Geelong community.

“It’s been seven years since we first purchased the site, and I am looking forward to Franze Developments’ upcoming projects.

“I see this as an opportune time to sell the hotel in order to capitalise on the new opportunities being presented to Franze Developments,” Mr Franze said.


“The opportunity to access a newly built hotel with no capital expenditure required in the short to medium term, run by a world-leading hotel group, is extremely rare.”

The hotel has 180 meticulously finished rooms, including 23 suites, a signature open lobby, all-day dining options, versatile meeting spaces, and premium amenities such as a heated indoor pool and fully equipped gym.

Located on the hotel’s first level is the new home of Good Chef Bad Chef Adrian Richardson’s latest restaurant, Maestro, a steak mecca showcasing local produce and wines from the region.

The sale comes as Geelong is booming with an increasing population coupled with an expanded GMHBA stadium, thriving new arts centre, stronger government presence, and relocation of the Spirit of Tasmania terminal.

With a major hospital, university, evolving calendar of major events and gateway to the Great Ocean Road, the future looks to be extremely positive for the area.

Nick MacFie and Peter Harper of JLL Hotels and Hospitality, together with Nick Lower and Benson Zhou of Savills, have been appointed to market the hotel via an expression of interest closing on 30 May 2024.