Mackay Grande Suites, a 4.5 star hotel featuring 90 premium guest suites and apartments is up for sale with vacant possession.
The hotel is Mackay’s leading accommodation product and is popular with both business and leisure travellers considering its CBD location and 5km proximity to Mackay Airport.
It includes 80 one bedroom apartments and 10 studio rooms, 2 restaurants and bars, a modern gaming room with 45 gaming machines, conference facilities with seating for 265 delegates, secure undercover parking and a 3 bedroom manager’s residence.
Owned by John Cowley’s Cougar Developments, the six storey hotel was opened in 2007 and is now being offered for sale for the first time via an Expression of Interest campaign.
“The offering allows the owner operators and hotel investors to reposition the property if required,” said Mr Cowley. “Mackay hotel market has stabilised and would offer an incoming purchaser the ability to benefit from what the market has to offer.”
Neil Scanlan and Leo Carne of Colliers International were appointed by Mr Cowley to market the asset off the back of their strong sales record at the end of 2016. The EOI campaign closes 7 March, unless sold prior.
Mr Scanlan said the hotel is profitable offering solid multiple income streams through accommodation, F&B and gaming.
“This is an outstanding opportunity to purchase a 4.5 star international standard hotel underpinned by strong financial performance at below replacement value. In 2016 the hotel achieved an occupancy rate of 62 per cent with the total turnover being circa $10 million,” Mr Scanlan said.
According to Mr Carne, Mackay Grande Suites is a market leading hotel in a city that has got an exciting future ahead of it. “In December 2016, Adani Group Chairman Gautam Adani announced Mackay as the operational hub for his $22 billion Adani Carmichael coal mine.
“This will be Australia’s largest coal mine once completed, positioning the city to benefit significantly through employment and economic growth.
“Mackay is also colloquially referred to as the sugar capital of Australia, with more than one third of Australia’s sugar cane being produced in the region.
“After years of new hotels opening, the market has matured with no more addition to supply, so this region is likely to continue to grow from strength to strength,” Mr Carne said.
The hotel is positioned at 9 Gregory Street within Mackay’s central business district and is just 10 minutes north of Mackay Airport. It is within walking distance to Caneland Central Shopping Centre, Mackay Convention and Entertainment Centre and Mackay Regional Council.