In a second deal in as many months with Vision Hotels, JLL Hotel & Hospitality Group is pleased to announce the successful sale and settlement of the Marco Polo Best Western Mackay.
The off-market deal was brokered by Senior Vice President, Gareth Closter, who targeted the area to source an opportunity for Vision Hotels, who were looking to establish a presence in the Mackay market.
Mackay has seen a recent flurry of transactional activity over the past 6-9 months, with several motel sales in the region – including the White Lace Motel, Mackay Rose Motel and the Mid City Motor Inn – and now the Marco Polo Best Western Mackay.
“The high volume of transactions in the Mackay market is a clear vote of confidence in the Queensland mid market accommodation sector!” Mr Closter commented. “Whilst there are clearly challenges in the current macro-economic environment, we are seeing strong trading, and subsequently increasing investment interest in the Queensland mid market accommodation sector,” Mr Closter relayed.
Acquired by Vision Hotels, this transaction continues an active theme throughout Australia where the mid-markets sector is becoming increasingly institutionalised. Historically dominated by ‘mum & dad’ owner-operators, this asset type has recently witnessed record levels of investment from amalgamator groups, syndicators and small-scale funds.
The Marco Polo Best Western Mackay comprises a 38 key motel, restaurant, gym, pool, sauna and spa. The property was recently refurbished and provides quality accommodation to its guests, many of whom are corporate due to the nature of the Mackay market.
Best Western CEO, Graham Perry, was optimistic about the sale to Vision Hotels. “It was pleasing for BWH to retain the property within our network and we are extremely excited to be working with another stakeholder in the industry, and introduce them to the benefits of being part of the BWH group.”
Having undertaken numerous mid-market sales across metropolitan and regional markets in the past 24 months, JLL Hotels & Hospitality Group can confidently attest to high ongoing levels of demand, despite current headwinds, for assets with strong fundamentals and growth prospects.
