Jerry Schwartz swoops on another resort
Elanor Investors Group (ENN) is banking a 25 per cent premium quietly selling a Blue Mountains tourist accommodation complex after 10 months.
The freehold going concern of the Leura Gardens Resort at 20-28 Fitzroy Street, Leura, is trading to Jerry Schwartz, for a speculated $25 million.
The buyer’s Schwartz Family Company plans to occupy the 3.5-star facility; it will complement the group’s 4.5-star Fairmont Resort & Spa Blue Mountains MGallery by Sofitel, less than a kilometre away.
Previously known as the Nesuto-Leura Gardens Hotel, ENN bought it from Centennial executive Jonathan Wolf, the son of late Abacus Property founder, Frank, and Arvi Rubeinstein, both of Sydney, for the Elanor Hotel Accommodation Fund.
“Although our initial intention was to maintain a long-term strategy for this asset, our foremost priority remains ensuring robust returns for our investors,” ENN head of Hotels, Tourism and Leisure, Marianne Ossovani, said.
“We’re delighted to have achieved significant returns for our fund’s investors within a short timeframe,” she added.
CBRE’s Wayne Bunz brokered the off-market deal (story continues below).
Leura Gardens Resort
On 1.88 hectares, Leura Gardens Resort includes 92 rooms – a mix of suites and serviced apartments – a two bedroom manager’s residence, two restaurants and bars, a café and gym.
Renovated just before ENN bought it, reportedly at a $5m cost, there are also conference and event spaces.
“I thank Elanor for the opportunity to combine the Leura Gardens Resort with the Fairmont and leverage its facility,” Mr Schwartz said.
“The acquisition will also allow us to provide for a different target group of guests, at the 3.5-star level, complementing the higher category 4.5-star guests catered for at the Fairmont,” he added.
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