Scanlon family sell Sunshine Coast hotel for $10.45m
Hotel Property Investments is paying the Scanlon family $10.45 million for the Surfair Beach Hotel near Maroochydore.
The incoming owner has pre-committed another ASX listed group, Australian Venue Co, as operator.
It is Queensland’s largest hotel sale this year, according to HTL Property’s Glenn Price and Brent McCarthy, which brokered the off-market deal.
“Having previously sold the vendor the hotel, it was rewarding…to be tapped again to manage the family’s exit,” Mr Price said.
“The business has undoubtedly become one of the leading hotels on the Sunshine Coast’s during the family’s [seven year] tenure,” according to the agent.
Mr McCarthy added the asset “enjoys all the solid, well rounded business fundaments that AVC was looking for in a hotel on the coast, with the added ability to further expand the multiple revenue streams” (story continues below).
The Marcoola property at 923 David Low Way, includes a sports and gaming lounge, cocktail bar and bistro.
It neighbours the Ramada by Wyndham Marcoola Beach.
Last November HPI outlaid $63.3m for three east coast gaming venues – including, in Queensland, two also backed by AVC – Airlie Beach’s Jubilee Tavern and the Mango Hill Tavern, in northern Brisbane.
Eighteen months ago the group paid c$20m for the Acacia Ridge Hotel, about 20 kilometres south of the Queensland capital.
The occupier, meanwhile, has this year committed to two inner north Melbourne venues – the ex-Bimbo, in Fitzroy, and Brunswick’s Sarah Sands Hotel, due to open this month after a long fit-out.
