Elanor takes haircut on regional NSW hotel sale
EXCLUSIVE
Elanor Investors Group, which recently rebranded to Kyron, has suffered a hit selling the freehold to a Best Western in regional New South Wales.
On behalf of the Elanor Hotel Accommodation Fund, the manager banked $9.2 million for the Best Western Sanctuary Inn at 293-299 Marius Street, Tamworth.
It paid $10m in 2022, part of a freehold going concern deal worth $16.45m.
According to its mid-year reporting, the freehold going concern price upon disposal is $15.9m.
Trio of Tamworth deals
On 7410 square metres near the Tamworth train station, the Best Western Sanctuary Inn contains 60 rooms – from 31-55 sqm – a restaurant, bar, swimming pool and courtyard (continues below).
There are two conference rooms too.
There is also development upside over a large car park.
The buyer is registered as Bulcock SC Pty Ltd.
It is the third hotel to sell in the street recently following Jim Knox paying Daniel Whitten $3m for the freehold of the historic Tamworth Hotel at 147 Marius St.
The City Sider Motor Inn, at 233-237 Marius St, has also sold, for more than $9m.
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