Redcape Hotel Group have sold a further two properties – the Shafston Hotel in East Brisbane, and the Central Hotel in Shellharbour, NSW.
The Shafston Hotel is a multi-level venue located in East Brisbane, close to both the Brisbane River and the Gabba Stadium complex. It has been acquired by Tilley & Wills, a Sydney-based hotel group which currently owns and operates several venues, and the sale was brokered by HTL Property directors Andrew Jolliffe and Dan Dragicevich.
“We’ve been fortunate to sell four Queensland hotels recently, and the vast majority of sales have been made to interstate buyers, highlighting the magnetic investor interest the national buyer universe has for this state,” Jolliffe commented.
Redcape has recently sold two other Queensland venues, the Aspley Hotel in Brisbane, and The Grove in Mackay.
The large-scale Central Hotel has been sold to a local operator in the NSW South Coast in a sale conducted by Jolliffe and fellow HTL Property director Sam Handy. HTL Property had previously sold the asset to Redcape in 2018.
“The Central Hotel spoke to a specific buyer pool of active clients, and we’re delighted to have been able to match two valued clients together and, in doing so, conclude a mutually beneficial trade that met with both party’s objectives,” Handy said.
The sale of both the Shafston and Central hotels is representative of the high market confidence in hotel investment. Chris Unger, managing director of Redcape spoke to the success of Redcape’s recent sales.
“We are pleased with the progress we have made with asset sales. In a short space of time, we have exchanged contracts on more than $70 million worth of venues, at or above book value,” Unger concluded.
HTL Property is also selling Redcape’s Shamrock Hotel in Mackay, Queensland, via an expression of interest sale process that will conclude on 13 September.