Hotel gets new lease on life
New operator faces busy period refurbishing a Whitsundays icon
AIRLIE Beach Hotel has a new operator and is undergoing a multi million-dollar refurbishment.
A local private investor through ABH Operations has secured the leasehold of the waterfront hotel right in the heart of the tourism hot spot.
CBRE Hotels’ Wayne Bunz and Hayley Manvell managed the transaction on behalf of the O’Neill family, whocj has owned the asset for more than 30 years.
Mr Bunz said the family would continue to own the freehold with the new operator set to “take the hotel to a whole new level.”
“The family wanted to continue to hold the real estate while not having to look after the day-to-day operation of the hotel,” he said.
“The investor has a strong belief in the revitalisation of Airlie Beach and the Whitsunday region where a lot of money has already been spent.”
CBRE Hotels refused to comment on the specifics of the transaction, but industry sources say the leasehold would have sold for about $3 million.
The hotel is within the Airlie Beach CBD and offers three major street frontages, including Airlie Esplanade and Main St, providing strong foot traffic and high exposure.
It has multiple income streams derived from 80 accommodation rooms and conferencing facilities, a commercial car park, restaurant, pub, retail liquor store and 35 gaming machines.
It is currently undergoing a $7-million refurbishment.
“The Airlie Beach Hotel is situated on a significant 8829 sqm site, in what is arguably the CBD’s best location, with never to be built out views across to the Whitsunday Islands,” Mr Bunz said.
“The new operators have a key opportunity to reposition the asset and could immediately elevate returns through optimising the venue’s operations and reducing overheads.”
❝The family wanted to continue to hold the real estate while not having to look after the day-to-day operation.