Hastings Hotel Sold
AHA National Award winning hotelier, Alistair Flower, has expanded his North Coast hotel group with the acquisition of the prominent Hastings Hotel in Wauchope.
Flower, already the owner of Port Macquarie's hugely popular Settlers Inn, Fernhill Tavern also recently purchased the Lake Cathie Tavern in nearby Lake Cathie.
Whilst the Lake Cathie Tavern hotel acquisition was managed on behalf of the Vendor by HTL Property, in a strategically successful move, Flower sought to flip the roles and in doing so engage the leading brokerage agency on a buy-side mandate in order to acquire the well-known Hastings Hotel.
"We've had a very successful relationship with the HTL Property agency, and their expertise and knowledge of intricate transactions certainly assisted us greatly with our purchase of the Hastings Hotel" advised Flower.
“Enjoying the largest collection of expert brokerage agents means we can cover a great deal of geographical ground, as well as allowing us the flexibility to service clients on either buy or sell side appointments" said HTL Property Asia Pacific Director Andrew Jolliffe.
"As a company we deal every single day with multiple vendors, purchasers, lenders and lawyers, meaning our number of market receptor points at any given time is a valuable commodity; and we are thrilled Alistair and his consortium have again elected to use this intellectual property to deliver upon their acquisition objective" Jolliffe concluded.
The sale of the Hastings Hotel brings to a total of 27 freehold hotel sales by HTL Property in NSW this Financial Year to date. 17 of which have been in regional locations.
"Both the Hastings Hotel, and the recently purchased Lake Cathie Tavern, are good illustrations of the value opportunities we are seeing within the asset class on a not infrequent basis" commented HTL Property Sales Director Xavier Plunkett.
"We have a number of well financed group's like Alistair's wanting to transact upon regional assets, and expect the balance of the Financial Year to be well represented in terms of activity of this complexion" Plunkett concluded.
In other sub-metro regions, HTL Property are currently marketing the sale of the Area Hotel in Griffith, The Australia Hotel in the Hunter Valley; and the Angler’s Rest Hotel in Brooklyn.
HTL Property, 3rd April 2019
