The owners of the Seasons Hotel Newman are set to test market demand for high-performing hotel assets in regional Western Australia, as iron ore prices hit 2014 levels.
The Seasons Hotel Newman is trading at an annual occupancy of 51% with an average room rate of more than $175 per night, a room rate equivalent to many of the 4-star hotels in Perth CBD.
This 89-room hotel is the premier short stay accommodation in Newman and includes a swimming pool, conference facilities and an à la carte restaurant.
With a land area of approximately 29,000sqm and frontage to both Newman Drive and Iron Ore Parade, the large site offers potential for expansion.
Owners Stephen and Lisa Grace operated the hotel during their first six years of ownership and have successfully run the hotel under management from Perth since 2006. After 20 years of ownership the couple believe it’s the right time in the market to sell, allowing the next owner to capitalise on the current resources sector growth.
CBRE Hotels agents Ryan McGinnity and Chloe Mason have been exclusively appointed to market the hotel via an Offers to Purchase campaign closing Thursday, 29 August, at 2pm (WST).
Mr McGinnity said; “The sale of the Seasons presents an excellent opportunity for a hotel owner/operator or investor to enter or strengthen its presence in WA’s north west.
“On the back of iron ore prices reaching five-year highs, the removal of federal election uncertainty and a number of new projects, fly-in fly-outworkers are returning to the region and business confidence is growing,” he added.
“Historically, the Seasons Hotel Newman has experienced high occupancy and room rates. However, a weaker economy between 2014 and 2018 has enabled the owners to refurbish many of the 89 rooms, creating more modern short stay accommodation.”
Ms Mason commented that, with the recent closure of Mia Mia, there was a lack of competing rooms in Newman.
“The Seasons Hotel holds one of the highest ADR’s in Newman at $175 and runs at 51% occupancy, which is expected to grow given the current $103 billion of resource projects currently in the development pipeline.”
Newman was established by BHP in 1968 and has grown into one of the Pilbara’s regional centers, with approximately 7,000 permanent residents and 4,000 fly-in fly-out workers.
The Seasons Hotel Newman is trading at an annual occupancy of 51% with an average room rate of more than $175 per night, a room rate equivalent to many of the 4-star hotels in Perth CBD.
This 89-room hotel is the premier short stay accommodation in Newman and includes a swimming pool, conference facilities and an à la carte restaurant.
With a land area of approximately 29,000sqm and frontage to both Newman Drive and Iron Ore Parade, the large site offers potential for expansion.
Owners Stephen and Lisa Grace operated the hotel during their first six years of ownership and have successfully run the hotel under management from Perth since 2006. After 20 years of ownership the couple believe it’s the right time in the market to sell, allowing the next owner to capitalise on the current resources sector growth.
CBRE Hotels agents Ryan McGinnity and Chloe Mason have been exclusively appointed to market the hotel via an Offers to Purchase campaign closing Thursday, 29 August, at 2pm (WST).
Mr McGinnity said; “The sale of the Seasons presents an excellent opportunity for a hotel owner/operator or investor to enter or strengthen its presence in WA’s north west.
“On the back of iron ore prices reaching five-year highs, the removal of federal election uncertainty and a number of new projects, fly-in fly-outworkers are returning to the region and business confidence is growing,” he added.
“Historically, the Seasons Hotel Newman has experienced high occupancy and room rates. However, a weaker economy between 2014 and 2018 has enabled the owners to refurbish many of the 89 rooms, creating more modern short stay accommodation.”
Ms Mason commented that, with the recent closure of Mia Mia, there was a lack of competing rooms in Newman.
“The Seasons Hotel holds one of the highest ADR’s in Newman at $175 and runs at 51% occupancy, which is expected to grow given the current $103 billion of resource projects currently in the development pipeline.”
Newman was established by BHP in 1968 and has grown into one of the Pilbara’s regional centers, with approximately 7,000 permanent residents and 4,000 fly-in fly-out workers.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
