Sydney, 1 July 2014 – The 47 room Newport Mirage Hotel in Sydney’s affluent Pittwater area on the Northern Beaches has been sold for around $10 million.
CBRE Hotels’ Andrew Jackson and Paul Kapiris sold the property within days of the close of Expressions of Interest on behalf of the vendors, the Bayfield Family. The Bayfields also own the Newport Arms Hotel, The Dee Why Hotel and Bayfields Liquor Superstore. The family has owned the Newport Mirage Hotel since 2000.
Interest was strong from local based investors from the Northern Beaches area, but in the end the property was sold to a Chinese investor in their first hotel purchase. The group was known to CBRE Hotels from a recent successful Sydney hotel sales campaign. The deal was struck within days of the close of the Expressions of Interest on a circa 9% yield.
Andrew Jackson commented; “The sale provides further evidence of the importance of having a global presence to ensure access to international investors in the current hotel investment market place. This is another example of where CBRE Hotels has sourced new capital first, in the form of a first time hotel investor.”
Paul Kapiris commented; “Both the vendor and purchaser were keen to secure the deal within days of the close of EOI. We are starting to see a trend emerge whereby buyers are looking to secure assets on shorter timeframes than we have seen in the past. This is particularly the case with hotel assets located within the metropolitan areas of the country’s major capital cities such as Sydney, Melbourne, and Brisbane.”
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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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 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 atwww.cbre.com.au.