The freehold going concern of Penrith’s landmark Peachtree Hotel has been sold to ASX-listed Chinese developer BHL.
CBRE Hotels’ Daniel Dragicevich and Ben McDonald sold the large format venue on behalf of the Parras family, who have owned the hotel for circa 16 years.
The purchase, representing BHL’s first hotel acquisition, follows a keenly contested off market process. It is the latest property deal in Australia for the increasingly acquisitive group, which has targeted master planned developments, aged care facilities and manufactured home parks.
CBRE Hotels’ Manager Ben McDonald said, “The Parras family are well-known hoteliers and have built a truly landmark asset in the Peachtree Hotel during their 16 years in Penrith. The local area is attracting significant interest from a wide range of stakeholders and this will underpin population growth and employment opportunities over the medium term, underpinned by projects such as St Hilliers’ mixed use Thornton Central development.”
CBRE Hotels’ National Pubs Director Daniel Dragicevich added; “BHL is a new entrant to the hotels sector which, in itself, is a vote of confidence in the attributes of the asset class and its long-term investment outlook. The Peachtree Hotel is the perfect cornerstone asset combining a well-balanced, high cash flow revenue base with strong underlying property fundamentals.”
CBRE Hotels has sold 20 freehold going concern hotels in New South Wales in the past 12 months, totaling $280,000,000.
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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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.