Sydney, 10 April 2016- The popular Bowral Hotel is being brought to the market for sale by Expressions of Interest to be handled exclusively by CBRE Hotels.
CBRE’s Daniel Dragicevich and Ben McDonald have been exclusively appointed to steer the campaign on behalf of ASX listed Lantern Hotel Group (LTN), commencing Saturday April 9 2016.
The hotel, considered one of Lantern’s ‘non-core’ assets, is a landmark property situated on the prominent Bong Bong retail strip and strategically adjacent to Woolworths supermarket. Set on a significant 3,316sqm site, the hotel offers incoming operators and groups the ability to secure an asset in what is traditionally considered a tightly held region of NSW.
CBRE Hotels National Director, Daniel Dragicevich noted; “The current strength of the Sydney metropolitan hotel market and resulting yield compression is driving active purchasers to look in coastal and regional locations offering higher returns and arguably greater operational and trading upside.”
“Bowral has long been popular as a holiday retreat for Sydneysiders and has a flourishing
tourism market based around a variety of vineyards and cellar doors and is known for its boutiques, antique stores, gourmet restaurants and cafes,” Mr Dragicevich said.
CBRE Hotels Manager Ben McDonald went on to add; “The Bowral Hotel will suit a mixed buyer pool of traditional hoteliers, commercial investors and property developers given the significant site area and prominent retail location.”
“An incoming purchaser will benefit from the hotel’s diverse revenue streams and capital expenditure initiatives undertaken by Lantern Hotel Group whilst being able to capitalise on the potential ‘upside’ on offer through a hands on management approach and possible hotel redevelopment (STCA).”
The national Expressions of Interest campaign is scheduled to close on Thursday 5th May 2016 with CBRE Hotels expecting significant enquiry given the current strength of the NSW hotel market and underlying value of the asset.
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