Elanor swoops on another NSW resort

The Leura Gardens Resort covers 1.9 hectares.

Elanor Investors Group has added a Blue Mountains guesthouse and function centre to its two year old Hotel Accommodation Fund (EHAF).

The resort contains 92 renovated suites.

The Leura Gardens Resort, previously own as the Nesuto-Leura Gardens Hotel, is speculated to be setting the fund manager back more than $20 million – the guide when it hit the market in January.

Sydney based Arvi Rubenstein and Jonathan Wolf, the son of late Abacus Property founder Frank, now head of Centennial, were the vendors.

The deal comes six months since Elanor, for EHAF, acquired the Wildes Boutique Hotel at Kangaroo Valley in the Shoalhaven region for c$12m.

It also bought the Tamworth Best Western last June.

In Victoria’s Dandenong Ranges, meanwhile, 40 kilometres east of Melbourne, the group recently purchased the Chateau Yering winery, from architect Max Zhang – outlaying c$18m.

Including the Leura Gardens Resort, the trust now holds 20 assets (story continues below).

Leura Gardens Resort

ARFW Pty Ltd – the company directed by Mr Rubenstein and Frank – listed the 4-star resort on 1.893 hectares at 20-28 Fitzroy Street, opposite the Leura Golf Course, after completing a 14 month renovation, speculated to have cost c$5m.

As such, CBRE Hotels’ Wayne Bunz and Raymond Tran were able to market its depreciation benefits.

With 92 rooms – a mix of suites and serviced apartments between 27-54 sqm – a two bedroom manager’s residence, two restaurants and bars, a coffee lounge, gym and multiple amenity rooms, the property was promoted to aged care operators.

Other hospitality providers were targeted too – the asset offering five conference and event rooms in three buildings, all up able to accommodate c230 people. There are also about 70 car parks and guest facilities including a children’s play room, gym, pool, sauna, spa and two squash courts.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.