hotel Archives - realestatesource

TASMANIAN tourist attraction the Pub in the Paddock is for sale asking $800,000.

The pub, run by Anne Free and renowned for its beer drinking pigs, is in the state’s north-east.

Built as the St Columba Falls Road hotel in 1880, and licensed since 1901, the pub also includes six guest rooms which derive rental income of $75 per night. On three hectares with South George River frontage the property also includes a 100-seat restaurant. A set of pigs, famous for being welcomed in the pub for a drink, are included in the sale price.

Victoria

Prominent Melbourne CBD Corner Sells For $10.75 Million

May 13, 2012 Marc Pallisco Backpacker, Crown Casino, hospitality, hotel, Melbourne CBD

A LOCAL private investor has paid $10.75 million for a historic property at the south-west tip of the CBD.

The former Sir Charles Hotham Hotel (pictured, right), later rebranded the Hotham Private Hotel, and now the All Nations Backpackers, occupies sites at 2-8 Spencer Street and 566-580 Flinders Street, near the Yarra River.

On an 833-square-metre site, the property has been offered for sale at various stages over the years, but a lease expiring in 2018 is believed to have deterred residential developers.

Western Australia

Cottesloe Beach Hotel, Western Australia, For Sale

September 16, 2009 Marc Pallisco hotel, pub, tourism and hospitality

BROOKFIELD Multiplex will sell Perth’s iconic Cottesloe Beach Hotel.

The developer failed to obtain a development permit after several years, and will sell the asset as an investment.

Its plans for a $100 million high rise building on the site seemed doomed in May when the Cottesloe Town Council decided to retain a three-storey height limit in the area.

Brookfield Multiplex paid $17 million for the Marine Parade property in 2003. The asking price this time around his not been disclosed.

Victoria

CFS, Gandel Propose $500 Million Hotel and Office Redevelopment at Chadstone Shopping Centre

December 2, 2011 Marc Pallisco CFS, Chadstone, Gandel, hotel, Malvern East, suburban office

THE biggest shopping centre in the southern hemisphere is about to undergo its highest profile redevelopment, some 51 years after it opened (pictured, right).

The owners of the complex now known as Chadstone – The Fashion Capital, are negotiating with the Stonnington City Council to build two glass skyscrapers, each of about 12 levels, at the easternmost edge of the complex near Dandenong Road.

If approved, one tower will accommodate a hotel, and the other, an office.

Queensland

Surfers Paradise Marriott Resort & Spa Sells to Indonesia’s Rajawali Group For $75 Million

September 21, 2009 Marc Pallisco hotel, tourism and hospitality

SURFERS Paradise’s Marriott Resort & Spa Hotel has sold to Indonesia’s Rajawali Group for about $75 million.

The hotel was offloaded by the Commonwealth Property Hotel Fund, which will use the funds to settle debt.

The Marriott sale to an Indonesian investor, follows the sale this month of the Pacific Beach site, also on the Gold Coast, to Chinese developers.

Victoria

Phillip Island’s Isle of Wight Pub Site Listed For Sale

September 9, 2011 Marc Pallisco Bass Coast, Cowes, hotel, phillip island, South Gippsland, tourist accommodation

SIXTEEN months after it was destroyed by fire – which was a month after it was permitted for demolition – the waterfront site where Phillip Island’s popular Isle of Wight hotel once stood is for sale.

The prominent and elevated property – which stares down the Cowes Jetty – measures 9197 square metres and runs behind many shops on the western side of Thompson Avenue, which is the sleepy hamlet’s main retail strip.

The Bass Coast council controversially approved the historic pub (pictured, above) be demolished in April 2010, despite it being recognised as one of South Gippsland’s most significant landmarks. The site is for sale with a permit for a nine-level resort and retail development with hotel rooms and apartments.

New South Wales

GPT Sells Four Points by Sheraton For $185 Million

October 26, 2009 Marc Pallisco GPT, hotel, institution, international investor, tourist accommodation

AN as yet undisclosed south-east Asian investor has paid $185 million for GPT’s unrenovated ‘Four Points by Sheraton’ hotel, in Sydney.

The hotel sold at a 10 per cent discount to its June 2009 valuation of $206 million. In December last year it was valued at $236 million.

Based on the asset’s current annual rent, the hotel sold on a yield of 8.8 per cent.

New South Wales

Australand Sells Crest Hotel, Kings Cross, For $72 Million

October 6, 2009 Marc Pallisco apartment development, hotel, redevelpment, tourist accommodation

PROPERTY giant Australand has offloaded the Crest Hotel, in Kings Cross, Sydney, for $72 million.

Property developer Michael Sanchez is reported to have purchased the 227-room hotel, with plans to convert the old building into luxury apartments.

Australand paid Coogee Bay Hotel owner Chris Cheung $63 million for the hotel two years ago. The hotel has been unused since June, when the Constellation Group vacated.

New South Wales

Starwood to Sell Sydney’s Sheraton on the Park Hotel

August 4, 2009 Marc Pallisco hotel

STARWOOD Hotels & Resorts is continuing to offload its major assets, this time putting Sydney’s five-star Sheraton on the Park hotel on the market.

Starwood will sell the asset a long-term management agreement for the 557-room Elizabeth Street hotel, which overlooks Hyde Park.

The group has put a number of its hotel investments globally on the market, but Starwood says it is not compelled to sell if pricing and other requirements are not met.

Victoria

Luxury Wilsons Promontory Country Club Listed For Sale

September 16, 2010 Marc Pallisco hotel, tourist accommodation, Wilsons Promontory

A LUXURIOUS homestead near Wilsons Promontory – occupied by Crown-Prince Frederik of Denmark during the Olympic Games and immediately after he met his wife-to-be, Mary – has hit the market.

The Waratah Park Country House has been fitted out as a high end, six-bedroom country club and is asking $1.65 million.

An adjoining parcel of land with a 54-lot residential subdivision is for sale asking $1.5 million.

John H Castran director John Castran is the marketing agent.

Victoria

Becton Sells Beaumaris Pavilion Pub to Footballers

August 13, 2010 Marc Pallisco aged care, beaumaris, becton, hotel, Melbourne development site sale, pub

BECTON Property Group has finally offloaded the prominent Beaumaris Pavilion hotel and adjoining car park, in Melbourne’s south.

The East Melbourne-based developer is speculated to have made about $9 million from the sale of the waterfront site, which it bought for $11 million toward the peak of the commercial property market three years ago.

Becton had planned to develop a 65-unit aged care facility on the site, as part of a push into that sector.

Victoria

Naughton’s Hotel, Parkville, For Lease

August 11, 2010 Marc Pallisco hotel, Parkville, pub, retail lease

IN another sign yuppies are replacing the student and working class-base that once defined Parkville and Carlton culture– the Naughton’s Hotel building is being offered for lease, targeting high-end tenants that can reposition the pub as a fancy restaurant.

Ending speculation the iconic Royal Parade pub would be rebuilt as student accommodation, as many other drinking holes in the area have – Alexander Robertson leasing agent Stephen Byrne instead said the building’s owner is seeking a long term operator.

Coincidentally Mr Byrne’s family operated Naughton’s for about 25 years. The building was last reported as selling to a private investor for $3.2 million in March 2006.

Victoria

Abbotsford’s Terminus Hotel Latest in a String of Melbourne Pubs to Sell

March 3, 2010 Marc Pallisco Abbotsford, ALH, Bruce Mathieson, hotel, pub, Woolworths

ABBOTSFORD’s prominent green Terminus Hotel has sold to an owner occupier for a price speculated to be about $5.5 million.

The pub, often touted as being in Richmond because it sits at the suburb border (Victoria Street) was sold by Jones Lang LaSalle’s Mathew George in an off-market campaign.

The Terminus is the latest in a string of pubs to be put up for sale recently.

Victoria

Southern Cross Broadcasting’s Outgoing South Melbourne Office to Become Hotel and Apartment Complex

October 26, 2009 Marc Pallisco hotel, new apartment complex, tenant move, tourist accommodation

FOUR months since selling to developers, the new owners of South Melbourne’s 41 – 49 Bank Street office – and long time home of Fairfax Media’s Southern Cross Broadcasting – have lodged plans to build a hotel and apartment complex on the site.

A spokeswoman for the Port Phillip Council said it is reviewing an application to demolish the existing building and construct a 16-level complex, which would include 126 apartments, 88 hotel suites, and a ground floor restaurant.

Victoria

Lasseters International Close to Buying Holiday Inn, Melbourne, For $44 Million

October 5, 2009 Marc Pallisco hospitality, hotel, tourist accommodation

MELBOURNE’s Holiday Inn Hotel in Flinders Street is believed to be close to sale to Singapore’s listed Lasseters International Holdings.

Lasseters is understood to be paying about $44 million fo the 4.5 star, 200-room hotel, which is being offloaded by Eureka Funds Management.

Eureka purchased the Holiday Inn, and eight other hotels as part of the $390 million purchase of the InterContinental Hotel Groups portfolio in 2005.

Victoria

John Olsen to Unveil Mural at Olsen Hotel, South Yarra

August 9, 2009 Marc Pallisco hotel, tourist accommodation

AUSTRALIAN painter John Olsen will unveil a six metre mural, which forms part of the entry foyer of the South Yarra hotel named after him.

Melbourne-based private developer Asian Pacific Building Corporation, headed by the Deague family, will unveil the painting today.

Victoria

Frankston’s 12-Level Peninsula Centre to be Redeveloped Into $80 Million Luxury Hotel

August 9, 2009 Marc Pallisco hotel, serviced office

IT was reportedly once described by actor Barry Humphries as “the worst building in Australia” – but now the tallest building in Melbourne’s outer bayside suburb of Frankston is about to be remodelled into an $80 million luxury hotel.

Two years after the Deague family’s Asian Pacific Building Corporation paid $11.25 million for the Grollo-built 12-storey building at 435 Nepean Highway, Frankston City Council has approved plans to redevelop the “Peninsula Centre” into a 140-suite hotel, function centre, conference centre, restaurant and bar.

Victoria

Vacant “Sofia Restaurant” Site to Become 7-Level Hotel

June 21, 2009November 22, 2018 Marc Pallisco hotel

PLANS to develop a 7-level, 82-room boutique hotel in Camberwell’s ritzy Burke Road shopping strip, have been approved by the Victorian Civil and Administrative Tribunal.

The hotel will be developed at 851 – 855 Burke Road, behind the National Trust protected red brick walls of a former State Savings Bank. The property is known locally as “The Sophia Restaurant” site, being next door to the popular local dining institution.