O’Neill family sells Airlie Beach Hotel
The Airlie Beach Hotel in the Whitsundays has been sold by the O’Neill family who owned it for more than 30 years, before putting it to market early last year.
The hotel sits on an 8819sqm block and features a public bar, restaurant, conference facility, commercial car park, gaming room and 80 accommodation rooms. It also holds title on several retail tenancies.
The hotel suffered extensive damage during tropical cyclone Debbie with the repairs costing around $10 million.
The hotel was sold in an off-market campaign through CBRE Hotels’ Wayne Bunz and Hayley Manvell. The buyers are the newly-formed ABH Operations P/L.
“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,” said Bunz.
“We are very excited to see the direction in which the new owners plan to take the asset.”
Sheridan Randall, 6th December 2018
