Market Momentum Continues with Sale of Redcape Hotel

Following the recent decision by Redcape Hotel Group to bring to market two of its North Queensland hotels, HTL Property can confirmed the sale of the first of two hotels following a deal done on The Grove Hotel in Mackay.

“We wholly anticipated there would be strong interest in the two hotels brought to market, and the successful purchaser has been rewarded for its confident approach to the opportunity the public sale process has presented” said Andrew Jolliffe, HTL Property Director – Asia Pacific Region.

Whilst the agents for the sale would not be drawn upon as to the price paid or identity of the buyer, they confirmed the sale price achieved was in line with the market guidance provided.

“The two properties in Mackay represent the epitome of full service, large format hotel operations; and accordingly, the depth and breadth of interest generated for both assets in what has been a very short time frame, is not inconsistent with our expectations” commented Tom Gleeson, JLL Vice President, Investment Sales.

The remaining hotel, The Shamrock, is situated on an enormous 11,422sqm* block; represented by food, beverage, gaming, retail liquor and a significant accommodation business.

The sale of the Shamrock Hotel, via an Expression of Interest process, is being exclusively managed by HTL Property and JLL; and concludes 13 September, 2023 (unless sold prior).

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