Strategically located is one of Australia�s fastest growing regions, the 4.5 star property opened in August 2000, aiming to capitalise on its proximity to the Olympic site at Homebush.  However the property had struggled to establish a foothold in the post Olympic period. Whilst future plans for the hotel have not been made public, the local environment plan has recently changed, broadening permitted uses from hotel and serviced apartments to include residential and commercial.   �The contraction in room supply in Parramatta�s hotel market should be a catalyst for steadily improved hotel performance in the area.� said Mr Durran.   This year 453 rooms have already been removed from the Sydney market for conversion to residential use.  A further 1,247 hotel rooms have been slated for removal during the course of 2002 for residential conversion.  The conversion trend has been centred so far around inner Sydney�s Kings Cross/Potts Point area, however is now spreading to

The Sebel Parramatta Hotel  The 174 room hotel opened in late August 2000 and was operated by Mirvac Hotels.

The Sebel deal follows last year�s sale of the Gazebo Parramatta Hotel.  The property, which was also brokered through Jones Lang LaSalle Hotels, sold for approximately A$40 million to Hong Kong based Carlton Group of Hotels.

The Sebel Parramatta Hotel has 174 rooms over 12 levels, restaurant, bar, three meeting and function rooms, gymnasium and heated outdoor swimming pool and car park for 100 vehicles. 

Jones Lang LaSalle Hotels, the world�s leading hotel investment services group, provides clients with value-added investment opportunities and advice.  Its recent two-year success story includes the sale of 13,994 hotel rooms to the value of US$1.4 billion in 48 cities and advisory expertise for 173,021 rooms to the value of US$32.6 billion across 343 cities. Jones Lang LaSalle Hotels� services include transactions, mergers and acquisitions, financial advice and capital raising, valuation and appraisal, asset management, strategic planning, operator assessment and selection and industry research. Jones Lang LaSalle (NYSE: JLL) is the world�s leading real estate services and investment management firm, operating across more than 100 key markets on five continents.