Palmer St hotel sell- off
SUNSHINE Coast businessman Brett Pointon’s links with South Townsville’s hospitality precinct appears set to be severed with release for sale by receivers of the Metropole Hotel and adjoining strata-titled Hotel M.
The Palmer St properties, held with others through company The Oaks Apartments Management, are being marketed by Jones Lang LaSalle Hotels in an expression of interest campaign closing May 5.
The move comes in the wake of receivers to the company, Guy Edwards, Darryl Kirk and Paul Kirk of PricewaterhouseCoopers in Brisbane, releasing for sale its other Palmer St asset, the Australian Hotel, along with Gladstone’s Grand Hotel.
The receivers were appointed some weeks ago at the behest of ANZ and in January took control of two Brett Pointon entities holding about 36 per cent of listed company Oaks Hotel and Resorts.
Bangkok-based Minor International Public Company just days ago made a 35c per share offmarket bid for the company after Mr Pointon, who founded it, was sacked as chief executive.
The 11-storey Hotel M is a 4.5-star apartment hotel with 104 guest rooms, gymnasium, swimming pool, and onsite car parking for about 71 vehicles.
The Metropole Hotel features sports bar with t errace, res-
RELEASED: The Metropole Hotel and adjoining strata-titled Hotel M along with the Australian Hotel are to be sold with receivers appointed taurant, bistro service area and bar, 15-machine gaming room, and function rooms.
Jones Lang LaSalle executive Wayne Bunz said the outlook for hotel trading in Townsville was bright.
Hotel M and the Metropole Hotel are for sale in one line or individually.
Palmer St’s Australian Hotel features eight gaming machines, a d e t a c h e d b o t t l e s h o p , g a r d e n bistro, large public bar, lounge b a r , g a ming r o o m a nd b e e r garden. Along with the Grand, it is being marketed by Craig Harley and Joel Fisher, of CBRE Hotels in Brisbane, in a tender campaign that also closes on May 5.