Acure fund makes maiden NSW investment
Acure Asset Management has added another Quest to a hospitality fund launched last year.
The 4.5 star motel at Dubbo is setting the Perth based manager back $17 million.
Vendor, MAAS Group, outlaid $15.6m in September, 2021, settling 12 months later.
It was listed last August – asking $18.5m.
Savills’ Nick Lower and Selin Ince were the agents.
Non-WA investment
On 2029 square metres at 22 Bultje Street, on the north west corner of Bank, Quest Dubbo contains 65 suites, a gym, conference room and guest laundry (story continues below).
There are also 45 parks, some undercover.
The Ascott Limited – Quest’s Singapore based parent – is on a lease expiring in 2048.
Dubbo Regional Airport is about six kilometres away.
The motel will be the fourth for the open ended Acure Hospitality Trust, for wholesale investors, also holding Quest Fremantle, which cost $38m last April.
The other assets are also in Western Australia – the Red Sands Hotel in Newman, which Acure bought for $10m this year, and the Sebel Mandurah – which set it back $18m in late 2022 from Chip Eng Seng.
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