Old Adelaide Hotel on the market

The Adabco Hotel, a boutique heritage 19th century gothic-style building , is up for sale. 

The hotel, sitting in Adelaide’s east ened at 229-233 Wakefield Street, is expected to fetch over $15 million.

It boasts 69 rooms. And part from the accommodation, the Adabco features a rooftop deck, meeting and conference spaces and secure on-site parking.

It has also been substantially renovated with a $4.2 million refit that created mainly double and king rooms. There is also a family room and an executive suite.

The hotel was designed by prolific South Australian architect Fredrick Dancker in 1896. He had thing about ornate features and the Adabco is one of only a handful of Venetian Gothic-style façades in Adelaide.

The triple-storey property also has quite a history.

Originally, it was built as the headquarters of Our Boys Institute, a Christian-based youth group.

Agents are saying there is enormous potential to expand the number of suites.

The same goes for its food and beverages operations.

The Adabco is managed by 1834 Hotels.

The company recently acquired a liquor licence, and that could facilitate an increase in function activity.

CBRE’s Scott Callow, who has been appointed to market the hotel, expects there will be a lot of interest from potential buyers.

“We anticipate there will be multiple buyers from the broader Australian market, as well as overseas groups looking to build on their Australian operations,” Callow told realcommercial.com.au.

“Adelaide’s hotels market has experienced strong growth, largely driven by the cities growing sport and event calendar which is attracting domestic and international travellers, and I expect prospective purchasers will be keen to capitalise on these tourism fundamentals.”

“Additionally, the prospect of strong business growth through the building’s potential to add further accommodation and its recently acquired liquor licence, are likely to be key drivers of interest.”

The sale is being conducted through expressions of interest. They close on June 7.

Leon Getler 10th May 2018.