The Mercure Centro Hotel in Port Macquarie has been taken over by the Laundy Hotel Group for a reported deal of around $25 million.
The 4.5-star corporate hotel, located in the commercial, retail and entertainment district of Port Macquarie, has been sold off the market by long-time owner HLF Pty Ltd, through HTL Property.
“Although they are not housed in the same equity structure as our other beachfront accommodation assets in Noosa, Manly and Terrigal; this coastal property fits perfectly with our national investment objectives and adds neatly to the growing portfolio,” said Stu Laundy, CEO of Laundy Hotel Group.
The Laundy Group has partnered with local hotel operator Alistair Flower and will continue to manage the property under a franchise agreement with Accor Hotels, in place since the hotel opened in 2007.
The 72-room hotel, built over five levels, has an expansive restaurant and bar, rooftop leisure area, extensive conference space, swimming pool and day spa , as well as two points of sale on the ground floor.
HTL Property said, “The simple corporate hotel ticks all the boxes in terms of scale, quality and diverse revenue attributes.”
The popular tourist town of Port Macquarie has recently undergone substantial infrastructure investment, including major highway upgrades, recent $12 million airport upgrades and the new Glasshouse Convention and Entertainment Center of $30 million.
“This powerful suite of economic generators, when combined with an established tourism profile, speaks volumes about the continued strength and vitality of the entire North and Mid NSW coast,” said Andrew Jolliffe, Managing Director of HTL Property .
“The mid-market accommodation sector has shown demonstrable improvements in trade over the past few months, and none are stronger than the true coastal town centres, which very effectively attract business and leisure travellers. Hobbies.”
Jolliffe expects the Port Macquarie accommodation market to enjoy an “extremely thriving outlook” and will continue to attract investors and tourists.
With growing confidence in tourism, HTL Property Manager James Carrick is confident in the future of the property.
“This is an unprecedented boost for the national tourism industry and a unique opportunity for astute investors to acquire assets such as Mercure Port Macquarie; who will definitely benefit,” Carrick said.
“Mercure Port Macquarie has a solid and steady track record of profitability and growth; with continued revenue growth expected for the current fiscal year. When supported by the booming domestic tourism industry and a number of value-added opportunities available, we expect the business performance of this asset to continue on both an upward and robust trajectory.