Sydney, 9 March 2014 – The 47 room Newport Mirage Hotel in Sydney’s affluent Pittwater area on the Northern Beaches is being brought to the market.
CBRE Hotels’ Andrew Jackson, Joel Fisher and Paul Kapiris have been appointed to steer the sale of the freehold going concern offering on behalf of the vendors, the Bayfield Family. The Bayfields also own the Newport Arms Hotel, The Dee Why Hotel and Bayfields Liquor Superstore. The family has owned the Newport Mirage Hotel since 2000.
The multi-award winning 4-star hotel and function centre is expected to generate strong interest from both institutional and high net worth investors, both domestically and out of Asia. Mr Jackson commented; “Waterfront Sydney hotel properties are offered to the market rarely. Experienced hotel investors know that these assets have performed very strongly over the past decade, and the forecasts for Sydney in the medium to long term are positive as well.”
“Sydney is considered to be perhaps the most desirable hotel market in the country. The consistent business demand and the fact that it is number one on the list of places to visit for tourists means that it has performed well in the past and will continue to do so. Located in the heart of the Northern Beaches, the Hotel is one of few hotels in a large catchment area, yet within convenient reach of corporate markets.
Mr Kapiris commented; “The hotel is offered with Vacant Possession, which is not often the case with hotels in the Sydney metro area. We expect that there will be keen interest from local investors as well as national and international operator companies.”
“The Newport Mirage Hotel neighbours one of Sydney’s most iconic pubs – the Newport Arms – and is one of the best conference, wedding and events centres in northern Sydney. However, there is certainly room for improvement in terms of trade.”
The Newport Mirage Hotel will be offered by Expressions of Interest closing on 10th April 2014.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.