Besieged fund manager moves another asset
Elanor Investors Group (ENN) has moved another asset from its Hotel Accommodation Fund (EHAF).
The besieged fund manager is banking $8.75 million for the Mantra Pavilion – Wagga Wagga.
Developed in the 1980s but recently refurbished – the three level property, 22-30 Kincaid Street, contains 45 suites (were some rooms not amalgamated for larger ones, it would accommodate 60, ENN said).
There is also a ground floor restaurant with private dining room, conference facilities and bar.
Mantra, an Accor brand, is committed until 2043.
The buyer is a local private investor.
HTL Property’s Andrew Jackson was the agent (story continues below).
Deadline looms
ENN paid $8.3m for the Wagga Wagga property in 2016.
The disposal comes two months since we reported the NRL acquired the Ibis Styles in Port Macquarie from EHAF for $15.5m.
The group is also seeking to raise some $160m selling Adelaide’s Mayfair Hotel, which could reap $90m, and Peppers Cradle Mountain.
Elanor, which went into voluntary administration last August, struck a refinancing deal last November, but needs to repay some of its speculated $125m debt by a deadline – March 19 – before it can re-trade.
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