Albury Hotel Sold by HTL Property After 40 Years of Ownership

Specialist national brokerage firm, HTL Property, is pleased to announce the successful sale and settlement of Quality Resort Siesta – Albury.

Quality Resort Siesta has been operated by the Jones family and their respective Hotel Group for the past 40 years; and is the second asset in Albury from the portfolio sold by HTL Property Director, Nic Simarro.

The Resort features an abundance of amenities including an indoor heated pool and spa, an outdoor resort-style pool with slides and caves; as well as 2 x restaurants, 1 x squash court, 1 x mini golf course and tennis court.

HTL Property Directors Nic Simarro and Andrew Jackson steered the Expression of Interest campaign, including coordinating the exclusive due diligence period with the successful purchaser.  Generating over 120 enquiries and 14 inspections throughout the campaign, the property was sold to a new entrant in the form of a private Indian syndicate; and the business component to highly regarded operators – Regional Accommodation Group (RAG).

“Transactions in the current regional accommodation sector, for A-grade assets such as this one, are proving more scarce than previous years. Accordingly, a successful trade concluded regarding Albury’s Quality Resort Siesta was very rewarding; not the least part because the Jones family exited a full-service accommodation asset they had built from scratch, literally” advised HTL Property Director, Nic Simarro

“The business was offered with considerable goodwill. due largely to the Jones family’s hands-on involvement in the business for such a long period of time” added Simarro.

“It was separately comforting to deal with such a professional organisation as has become RAG; and they will undoubtedly continue the Jones family’s fine legacy and in doing so grow the business further over the next 20-30 years, being the period of their remaining lease” Simarro said.

End.