The complex deal involved a large-scale unit buy-out.
The sale to Madison Hotel Group will see the property undergo extensive refurbishment before relaunching under their new brand as Madison Suites Canberra.
The group, run by family business partners Brett Morgan and Beverley Clench, purchased the management rights to the 83-unit apartment hotel on Northbourne Avenue along with 32 freehold units, which the vendor had acquired over a number of years.
Negotiated by Resort Brokers Australia on behalf Stanbritt P/L, headed by long-time director and sole proprietor Jim Stanwell, the sale was handled jointly by broker Russell Rogers and managing director Ian Crooks.
Mr Rogers said the sale took almost 12 months to conclude as it hinged on Madison Hotel Group also seeking to buy the balance 51 units in the building from individual investor owners.
Resort Brokers declined to disclose the total sale price, but noted the hotel management business component alone was priced at close to $3.7 million.