Friday, March 29, 2024

Laundy checks in at Port Macquarie

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The Laundy Hotel Group has acquired the Mercure Centro Hotel in Port Macquarie as tourism makes a comeback.

The 4.5 star 72-room corporate hotel spans five levels and includes a restaurant and bar, licensed rooftop event area, a conference area, secure underground parking with the capacity for 86 cars and a pool and day spa, in addition to two retail outlets on the ground floor.

Mercure Port Macquarie
Photo courtesy Australian Property Journal

HTL Property’s Andrew Jackson, Andrew Jolliffe and James Carrick managed the off-market transaction on behalf of vendor, long term owner HLF Pty Ltd.

“Whilst not housed in the same equity structure as our other beachside accommodation assets in Noosa, Manly and Terrigal; this coastal property intersects perfectly with our national investment objectives, and adds deftly to the growing portfolio,” said new owner, publican Stu Laundy.

Laundy added that local hospitality operator Alistair Flower will be engaged to team up with the group at the hotel.

Earlier in the month the Orana Hotel was purchased by founder of Laundy Hotel Group Arthur Laundy’s daughter Danielle Richardson and her husband Shane for $13 million.

Mercure Centro Hotel has been under the Mercure brand since opening in 2007, having been owner occupied and indexed to a franchise agreement with Accor Hotels.

“The Port Macquarie accommodation market enjoys an extremely prosperous outlook with virtually no new supply; and an enviable variety of demand drivers that we submit will continue attracting investors and tourists to the region,” said Joliffe, managing director at HTL Property.

Port Macquarie benefits from high rates of visitation thanks to its close range to both Sydney and Brisbane, as well its economic profile which includes industrial trade, tourism and business.

“This powerful suite of economic generators, when combined with an established tourism profile, speaks volumes for the ongoing strength and vitality of the entire mid and far north coast of NSW,” added Jolliffe

The region has also been home to major infrastructure investments such as highway upgrades, $12 million in airport upgrades and the development of the $30 million Glasshouse Convention and Entertainment Centre.

“The Port Macquarie accommodation market enjoys an extremely prosperous outlook with virtually no new supply; and an enviable variety of demand drivers that we submit will continue attracting investors and tourists to the region,” said Jolliffe.

This is only expected to be enhanced when the pent-up demand for travel and tourism is fully released, bringing a hasty recovery to the hard hit industry.

“Combine this with rising consumer confidence, steady vaccination rates, government incentives and substantially increased household savings due to a lack of spending opportunities during the CV-19 affected years, and Australians are just busting to travel,” concluded Jackson, national accommodation director at HTL Property.

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