HOTEL SALE A BREEZE
MADISON Hotels and Suites has snapped up the Ocean Breeze apartment complex for more than $ 7 million as the company expands its market share in Townsville.
The sale includes the 31- unit holiday apartment complex in Mitchell St; a three- bedroom residence at 68 The Strand; four, one- bedroom units at 69 The Strand; and a five- unit com- plex at 79 Mitchell St. It totals more than 4000sq m of land.
Madison Hotels and Suites owns four other hotels in Australia, including Madison Plaza Townsville on Flinders St in the CBD.
Madison Hotels and Suites managing director Brett Morgan said while Madison Plaza serviced business travellers, Ocean Breeze would be aimed at holiday makers.
“This is outside of our current mar- ket because the plaza is very corporate, whereas Ocean Breeze is holiday apartments,” he said.
“We liked the location right on The Strand and the surrounding land gives some scope to expand.
“I’ve always thought Townsville’s economy was good and Townsville offers a great return. I think the economy there will continue to improve.”
Madison Hotels and Suites already operates the accommodation facility and has renamed Breeze.
Flexible zoning of the site means there is allowance for a five- level development with commercial or retail premises on the ground floor.
The sale was negotiated by James Pascoe and Angelo Castorina of Colliers International.
Mr Pascoe said Ocean Breeze was constructed around 2000 and had been operated as a successful holiday it Madison Ocean accommodation complex ever since. “We received very high levels of inquiry from high net worth individuals and hotel groups,” he said. “Madison Hotel Group inspected the property and agreement was reached between the parties within a week.
“The negotiation, sale and transition of management ran very smoothly and most of the staff were retained, which was a great outcome for everyone.”