Chinese developers buy Peachtree Hotel
By Andy Young
Penrith’s landmark Peachtree Hotel, has been sold by the Parras family to ASX-listed Chinese developer BHL.
The deal, which was done by CBRE Hotels’ Daniel Dragicevich and Ben McDonald, is the first time the hotel has been sold in 16 years and also represents BHL’s first hotel acquisition.
CBRE Hotels’ Manager McDonald said: “The Parras family are well-known hoteliers and have built a truly landmark asset in the Peachtree Hotel during their 16 years in Penrith. The local area is attracting significant interest from a wide range of stakeholders and this will underpin population growth and employment opportunities over the medium term, underpinned by projects such as St Hilliers’ mixed use Thornton Central development.”
Although this is BHL’s first hotel buy the group has bought several other Australian properties and has targeted master planned developments, aged care facilities and manufactured home parks.
Dragicevich added: “BHL is a new entrant to the hotels sector which, in itself, is a vote of confidence in the attributes of the asset class and its long-term investment outlook. The Peachtree Hotel is the perfect cornerstone asset combining a well-balanced, high cash flow revenue base with strong underlying property fundamentals.”