Pacific Hotels has sold the recently refurbished 4-star Coral Cay Mackay resort to a private Queensland-based hotel group.
Situated on 9,148sqm of land on Nebo Road, the resort features 82 guest rooms and apartments, Coral Cay Bar and Grill, meeting and conference amenities, swimming pool, gymnasium, sauna and outdoor guest parking.
The sale, which was negotiated by CBRE Hotels’ Wayne Bunz and Hayley Manvell, drew the interest of owner operators, hotel investment funds and high net worth individuals, according to CBRE.
“The sale campaign generated strong enquiry as the property appealed to a wide range of investors given its scale and amenities,” said CBRE Hotels’ Director Hayley Manvell.
“The hotel was recently refurbished, offers future operational and branding flexibility and was a strong yielding investment opportunity.”
CBRE reports a flurry of transactional activity in the Mackay accommodation market over the past 12 months, with several motel sales in the region including the White Lace Motel, Mackay Rose Motel, the Mid City Motor Inn and the Marco Polo Best Western, as well as the sale of The Grove Hotel (formerly the Andergrove Tavern) to Star Group.
“Queensland leads the nation in economic growth, providing confidence to investors who continue to target the Sunshine State seeking value and capital growth,” said CBRE National Director, Wayne Bunz.
“Investors view Mackay as having a diverse and sustainable economy with established demand drivers. The region has over AU$1 billion in recently completed and upcoming development projects underway across all sectors of its economy which will further solidify Mackay as a key economic hub.”
Perth-based hotel owner operator Pacific Hotels is also selling the Pacific Hotel Brisbane.