Silverwater Resort snapped up for $25m by Melbourne hotel group

A Melbourne-based hotel group has acquired the management rights and a majority of freehold apartments in San Remo’s Silverwater Resort for an around $25 million.

Pentagon Group Hotels, which is run by Vijan Patel and Pratik Sarsavadia, bought the integrated leisure and conference resort from local fund manager IDA Property.

Situated on Phillip Island, the resort’s facilities include restaurants and bars, six meeting spaces with capacity for 500 people, indoor and outdoor swimming pools, sports courts and a children’s playground.

“We want to focus over the next 10 years on buying 4.5-star hotels,” Patel told Commercial Real Estate.

Pentagon also owns a Tasmanian pub portfolio that includes Launceston’s Old Tudor Hotel, The Bayside Inn in St Helens and Hobart’s Foreshore Tavern.

Sheridan Randall, 11^th March 2020