Following the all time record sale of the Crossroads Hotel in Sydney, leading HTL Property agents Dan Dragicevich and Andrew Jolliffe have now set a Newcastle Hotel record following the specialist firm’s sale of the ocean front Caves Beach Hotel.
The exclusive sale by HTL, conducted off-market, was concluded on behalf of owners Royal Hotels.
“We have enjoyed our time building the Caves Beach Hotel business and relationships within the community, and look favourably towards the continued growth of the business by such esteemed operators as are Oscars Hotels so widely renowned” advised a Royal Hotels representative.
The Purchasers of the picturesque hotel and accommodation asset, the acquisitive Oscars Hotels, is headed by highly regarded brothers Bill and Mario Gravanis.
“The sheer scale and waterfront positioning of the Caves Beach Hotel is a remarkable feature of the significant asset” advised HTL Property National Director, Dan Dragicevich.
“Notwithstanding, the diversity of revenue streams feeding into the business is also a most powerful differentiator” advised HTL Property National Director, Dan Dragicevich.
The Newcastle record sale of the Caves Beach Hotel by HTL Property continues the specialist firm’s string of significant hotel sales over the past 3 months, and highlights the continued market strength and depth for A grade property assets indexed to hospitality offerings.
“Material hospitality businesses with $10m+ of annual revenues and affixed to significant land holdings in coastal locations remain at the very vanguard of key investor acquisition objectives nationally” commented HTL Property Managing Director, Andrew Jolliffe.
“However the reality is that there are very few of these unique business and coastal property plays in existence generally, let alone able to be acquired” commented HTL Property Managing Director, Andrew Jolliffe.
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