Best Western Sanctuary Inn Sold by HTL Property

Best Western Sanctuary Inn, Tamworth, has been sold by specialist national firm HTL Property

HTL Property Directors Nic Simarro and Andrew Jackson managed the off-market sale to a Sydney based hotel fund for in excess of $18,000,000.

Located within the CBD of Tamworth, and boasting a 10,000 square metre land parcel with favourable zoning, the acquisition reflected an 8.5% initial yield.

Best Western Sanctuary Inn comprises 60 well-appointed rooms, conferencing and event space and a tasteful restaurant that has been a favourite to locals for the past 16 years.

“High performing regional hotels such as Best Western Sanctuary Inn Tamworth are rare to come by, despite being the most attractive to large investment funds” commented HTL Property Director Nic Simarro.

“We are seeing significant interest from such funds looking for price points greater than $15 million, especially in the regional space, and this is a major contributor to the exceptional result on this sale” Simarro added.

“We saw the same high-level of interest in Mercure Port Macquarie which we sold for $23.5m in January to a well-respected Sydney consortium including the Laundy family” suggested HTL Property National Director Andrew Jackson.

“These larger funds and syndicates are looking to deploy as much capital as possible, and accordingly these larger deals are in high demand given there exists a patent shortage of opportunities” stated Jackson.

HTL Property has been at the forefront of major regional hospitality deals for the past 18 months in both the accommodation and traditional hotel space, and looks forward to sharing a number of new announcements with the market in the coming weeks.

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