The freehold going concern interest in one of Mackay’s leading accommodation offerings, Coral Cay Mackay, has been sold to a private Queensland-based hotel group.
The hotel was purchased from Pacific Hotels, a Perth-based hotel owner operator.
CBRE Hotels’ Wayne Bunz and Hayley Manvell negotiated the sale after an Expression of Interest campaign which fielded strong enquiry from owner operators, hotel investment funds and high net worth individuals.
Situated on an expansive 9,148sqm freehold land parcel on Nebo Road, the recently refurbished Coral Cay Mackay is a 4-star resort featuring 82 guest rooms and apartments with a wide range of guest facilities including the Coral Cay Bar & Grill, meeting and conference amenities, swimming pool, gymnasium, sauna and outdoor guest parking.
The Mackay hotel market has seen a flurry of transactional activity over the past 12 months, with several motel sales in the region - including the White Lace Motel, Mackay Rose Motel, the Mid City Motor Inn and the Marco Polo Best Western, as well as the sale of The Grove Hotel (formerly the Andergrove Tavern) to Star Group.
CBRE Hotels’ Director Ms Manvell noted, “The sale campaign generated strong enquiry as the property appealed to a wide range of investors given its scale and amenities. The hotel was recently refurbished, offers future operational and branding flexibility and was a strong yielding investment opportunity.”
National Director Wayne Bunz added, “Queensland leads the nation in economic growth, providing confidence to investors who continue to target the Sunshine State seeking value and capital growth. Investors view Mackay as having a diverse and sustainable economy with established demand drivers. The region has over $1 billion in recently completed and upcoming development projects underway across all sectors of its economy which will further solidify Mackay as a key economic hub.”
Pacific Hotels is also selling the Pacific Hotel Brisbane, which is being marketed via an Expressions of Interest campaign through CBRE Hotels.