Mackay gem Coral Cay bought up as resource boom returns
A WEST Australian-based hotel group on the expansion trail has snapped up its third Queensland asset.
Facilimate Hotels has acquired Mackay's Coral Cay Resort which follows the purchase of the Pacific Hotel Cairns and Urban Hotel Brisbane.
CBRE Hotels' agents Hayley Manvell and Wayne Bunz struck the deal but refused to comment on the price. According to industry sources it sold for around $10 million.
Facilimate Hotels managing director Stephen Lauder said: "Our investment strategy is driven by the desire to purchase hotels with vacant possession in key cities and regional markets."
According to CoreLogic in 2013 Blue Sky Residential Asset Managers paid $16 million for the freehold of the resort.
On a 9148sq m site, on Nebo Rd, West Mackay, the hotel has 82 one, two and three-bedroom apartments, a restaurant, two meeting rooms, a swimming pool, gymnasium, manager's residence and outdoor carparking.
Mr Manvell said the sale was evidence that investor sentiment was on the rise for counter cyclical, resource centric markets such as Mackay.
CBRE Hotels also announced the sale of the Don Pancho Resort in Bargara to a Queensland-based owner operator, on behalf of the appointed trustees.
Sources say it sold for around $5 million.