Brisbane

Perth-based hotel fund continues expansion with Mackay resort acquisition

West Australian-based Facilimate Hotels has continued its Queensland expansion with the purchase of Mackay’s Coral Cay Resort.

05 Sep 2019

West Australian-based Facilimate Hotels has continued its Queensland expansion with the purchase of Mackay’s Coral Cay Resort.
 
The deal represents the group’s third purchase in Queensland, following its acquisition of the Pacific Hotel Cairns and Urban Hotel Brisbane. It boosts its portfolio of owned and operated assets to six across the ACT, Western Australia and Queensland.

CBRE Hotels’ agents Hayley Manvell and Wayne Bunz negotiated the sale on behalf of a Queensland fund.

Located on a large 9,148sqm site, the hotel comprises 82 one, two- and three-bedroom apartments, a restaurant, two meeting rooms, a swimming pool, gymnasium, manager’s residence and outdoor car parking.  

It is situated 1km south of the Mackay town centre and 4.5km from Mackay Airport.

“This sale is clear evidence that investor sentiment is on the rise for counter cyclical, resource centric markets such as Mackay, which are showing clear signs of recovery following recent mining project approvals,” CBRE Hotels’ Senior Negotiator Hayley Manvell noted.

The asset attracted strong interest, with the hotel’s strong financial performance a clear draw card for investors.”

Coral Cay Resort will be the first regional property for Facilimate Hotels.

“With the hotel situated between our Brisbane and Cairns hotels, we identified synergies in adding the asset to our portfolio and increasing our footprint in the Queensland market,” Facilimate Hotels Managing Director, Stephen Lauder, said.

 “Our investment strategy is driven by the desire to purchase hotels with vacant possession in key cities and regional markets. We are then able to undertake repositioning programs, involving refurbishment works and a new sales and marketing approach to centralise support services.”

The deal comes amid forecasts that Queensland could once again lead hotels sales activity in Australia in 2019, after being the country’s most active hotel investment market last year.

Ms Manvell said CBRE Hotels currently had over $100 million+ in Queensland hotel sales under agreement or awaiting settlement, with announcements pending.For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

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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.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.