Palmer St ho­tel sell- off

Townsville Bulletin - - Investor - by Martin Rasini martin. rasini@ townsville­bul­letin. com. au

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.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.