Sunshine Coasts Best Western Lake Kawana Hotel changes hands
Sunshine Coast's Best Western Lake Kawana Hotel changes hands
| 9 September 2019
Triple B Motels has sold the Best Western Plus Lake Kawana Hotel to Queensland based Centro Group of Companies.
CBRE Hotels Director Paul Fraser negotiated the sale of the Sunshine Coast hotel in conjunction with Ward Commercial Hotels Director Peter Ward.
Centro Director Michael Carr said; “We are very pleased to add a hotel of this calibre to our portfolio and are also excited to announce that there will be a rebranding of the hotel to an international brand.”
The 4.5-star hotel opened in November 2015 and offers 81 suites, popular licensed restaurant and bar Wildfire and two adjoining function rooms.
CBRE Hotels’ Director Paul Fraser said; “Unlike most other accommodation stock on the Sunshine Coast, this asset is targeted at the corporate market, which has helped differentiate it from its surrounding competitors.”
The hotel is centrally located, 20 minutes from Sunshine Coast Airport and close to a range of major demand drivers and attractions.
Tourism Research Australia estimated that 309,000 overseas travellers visited the Sunshine Coast in the 12 months ending March 2019, an increase of 0.9%. Holiday visitors grew at an even faster rate, recording 1.6% growth.
The surge in visitors produced record expenditure of $277.2m, 20.5% higher than the previous year.
Ward Commercial Hotels Director Peter Ward said; “More than $10 billion has been committed to investment in the Sunshine Coast region from both the public and private sectors. This includes the new $305 million runway project at Sunshine Coast Airport, which is scheduled for completion by the end of 2020 and is expected to further spur business travel to the area.”
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