Sydney, 17 May 2016 - CBRE Hotels is pleased to announce the successful sale of the Bowral Hotel on behalf of ASX listed Lantern Hotel Group.
CBRE’s Daniel Dragicevich and Ben McDonald were exclusively appointed to manage the Expressions of Interest campaign which was brought to a final close on Thursday 5th May 2016.
CBRE Hotels National Director, Daniel Dragicevich noted; “The sales campaign was a success on every level attracting over 50 genuine enquiries throughout the process and 13 initial offers. The current strength of the hotel market continues to drive sales results of this quality and we expect no slowing down in the near term.”
“The eventual purchaser was an existing hotelier and industry identity who was a ‘great fit’ for the asset and will significantly enhance the current offering for the benefit of the Southern Highlands region as a whole,” Mr Dragicevich said.
CBRE Hotels Manager, Ben McDonald went on to add; “The Bowral Hotel was hotly contested by private hoteliers, commercial property investors and developers - all of whom were attracted to the asset given its strong underlying cash flows, significant site area and location in one of NSW top tourism hot spots.”
Lantern Hotel Group CEO John Osborne is extremely happy with the sales result, with the asset transacting over and above current book value.
“CBRE Hotels has managed the sales campaign with the upmost integrity and transparency and yielded a great result for our shareholders – we are extremely pleased with the result,” Mr Osborne said.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.