A hotel on the iconic Murrumbidgee Mill site has been put up for sale before it has been fully built.
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The 148-room hotel, which when built will be Wagga's biggest, is still under construction and is expected to be operational in 2022.
Selling agent Savills has begun taking expressions of interest for the finished product, complete with a 15-year management agreement.
The hotel is expected to sell for about $45 million.
Savills national head of capital transactions Ian Hetherington said Mill development owner Yu Xiao had planned to develop the land for many years, and saw an opportunity to on-sell the finished hotel in a market impacted by coronavirus.
Mr Hetherington said hotels were traditionally a high-yielding investment and this combined with record-low interest rates made for an attractive proposition at a time when Australians had no choice but to plan more holidays within their own state and country.
"With no international tourism, regional tourism is booming," Mr Hetherington said.
"Because of COVID, people are off living in big cities and a lot of people are selling up and moving to the country ... that's something that's driving the growth of regional centres as well."
Mr Hetherington said the function space, which could hold up to 300 guests, was a "big selling feature" for the hotel as it would be able to attract its own events.
He said the management agreement with IHG, which operates 5895 hotels globally, would increase the value for interstate and global investors.
"Because of the international brand, that attracts people from all over the world," he said.
"It's a big vote of confidence in Wagga."
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Wagga mayor Greg Conkey said the hotel played a role in addressing a current shortage of accommodation options in Wagga.
"There is a demand and as the city grows that demand will increase," he said.
"We certainly welcomed it when it was announced and we wish the owners every success with it."
Cr Conkey said while he expected movement around the state to remain slow through the pandemic, Wagga would be playing a "leading role" on the other side when it came to the growth of the region.
"There will always be a need for accommodation and increased accommodation, so I think the long-term prospects are very exciting and very good though the short-term prospects obviously with COVID-19 are not so bright."
