MA spends $54.5m on Bendigo hotel
MA Hotel Management, a private entity of ASX-listed MA Financial Group – until recently known as Moelis Australia – is spending $54.5 million for Bendigo’s All Seasons Resort Hotel.
The vendor, David Feldman, paid $24m in 2017.
That seller, Redcape, was acquired by Moelis not long earlier.
JLL Hotels and Hospitality’s Will Connolly and John Musca brokered the latest deal – believed to be the highest price paid for a regional Victorian tavern.
The same agency last week sold Muswellbrook’s Eatons Hotel for a speculated $4.5m on behalf of the Ryan family.
Also in New South Wales, in May, a syndicate comprising comprising Laundy Hotels, Sam Cruikshank and Sean O’Hara spent $22m on Albury’s Springdale Heights Tavern.
All Seasons Resort Hotel, Bendigo
On 3.66 hectares at 171-183 McIvor Highway, the All Seasons include 77 suites, rated 4.5 star.
The property also contains a large bistro/restaurant, sports bar – licensed to operate 100 electronic gambling machines and with a TAB – conference and wedding facilities and an indoor pool, spa and sauna.
“The All Seasons is one of the largest multi-faceted venues in the country, offering a huge trading footprint and spread of income diversity as well as a significant landbank opportunity,” Mr Connolly said (story continues below).
“We’re witnessing a very buoyant regional market at the moment and it’s a trend that could redefine country economies for years to come,” according to the executive.
“Border restrictions and overseas travel limitations, coupled with the continued exodus of city dwellers…will continue to drive demand for hospitality assets, especially those offering food and beverage, accommodation and gaming,” he added.
“Regional Victoria and in particular Bendigo is witnessing an influx of permanent residents as technology and the modern-day work environment continues to evolve and employee demands of being required at the desk in the city five days a week are diminishing”.
The deal comes two months since Justin Hemmes’ Merivale paid $38m for the Lorne Hotel, on Victoria’s Surf Coast.
In January, Moda Capital and Salta, with publican Mazen Tabet, outlaid a speculated $11m for Phillip Island’s ex-Isle of Wight, overlooking Cowes Jetty.
Last year, Trenerry Group and the Kanat and Smorgon families spent $14.5m on Sorrento’s Continental Hotel, which is now being redeveloped.
Fifteen months ago, Black Rhino Group – led by Dave Tomsic and Deborah-Mathieson Tomsic, purchased Ballarat’s distinctive Craig Royal Hotel for a speculated price of over $12m.
Subscribe to our newsletter at the bottom of this page.
