Sydney, 28 July 2015 – The Crowne Plaza Terrigal is to be offered for sale in an International Expressions of Interest campaign.
Wayne Bunz and Rob Cross of CBRE Hotels and Andrew Jolliffe and Max Cooper of Ray White Hotels have been appointed to sell the landmark NSW Central Coast hotel, which is currently operated by the InterContinental Hotel Group.
The Crowne Plaza Terrigal is a 4.5 AAA star rated resort situated in the heart of Terrigal on a prime beachfront site that offers breathtaking views across Terrigal Beach and the Haven lookout. The iconic resort features 199 well-appointed guest rooms and suites with an average room size of 39m2.
The resort boasts extensive leisure and corporate facilities including 13 conference and meeting spaces, three food and beverage outlets, heated outdoor swimming pool, business centre and a health and fitness club. The resort is a popular weekend holiday destination considering its proximity to Sydney and Newcastle.
The Crowne Plaza Terrigal presents in exceptional condition after recently undergoing a comprehensive $10.6 million refurbishment between 2010 and 2014.
The resort benefits from a robust mix of corporate and leisure demand coupled with strong food & beverage and conferencing facilities.
Ray White's Asia Pacific Director Andrew Jolliffe noted; “Buoyant investment market conditions and the strong fundamentals of the hotel sector are expected to underpin buyer interest in this exceptional freehold beachfront site. “Large waterfront freehold sites are rarely offered for sale and we expect this to be a significant draw card for hotel investors, especially considering there is little to no stock available in the Sydney market.”
CBRE Hotels Senior Director Rob Cross added; “We are currently witnessing unprecedented investor appetite for freehold assets, which has resulted in a dramatic tightening in investment yields. Historically low interest rates and a softening dollar have created a highly attractive environment for foreign investment in Australia, with the competition between local and offshore investors resulting in record prices being paid for freehold hotel investments throughout Australia.”
The International Expressions of Interest campaign for Crowne Plaza Terrigal closes 01 October 2015 at 1:00pm AEST.
For Australian/international news or global stories, follow us on Twitter.
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 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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.