Oscars Hotels divests coastal asset with upside aplenty

JLL Hotels & Hospitality Group is delighted to announce the sale of the Plantation Hotel in Coffs Harbour, New South Wales for circa $10m.

The large format coastal pub with an enviable 24-hour licence, features an oversized bar with several service points, popular bistro, 15 valuable gaming entitlements, well-presented beer garden, 30 first floor accommodation rooms, and 2 manager’s flats, located on a prominent 3,000sqm lot.

JLL Hotels Vice President, Kate MacDonald facilitated the transaction on behalf of Oscars Hotels, who acquired the pub in late 2017 from a long-term owner looking to divest multiple assets in one line.

Sydney-based independent advisory firm, Bradfield Advisors has co-invested alongside a prominent publican in the purchase of the ‘Planto’. This adds to the portfolio of pub based co-investment transactions with which the Sydney-based group has been involved.

Ms MacDonald notes the forecasted uplift for the incoming operator, “Plantation Hotel has been an iconic coastal venue for decades. Now under new management, the pub is set to benefit from a substantial capital expenditure program and a number of medium and long term infrastructure projects, including the Coffs Harbour Bypass and the City Centre Master Plan, as well as unprecedented tourism and population growth.”

The acquisition further highlights confidence in the pub market despite fluctuating economic conditions and acts as a reminder that the continued demand for operating real estate assets in key growth markets remains top priority for investors of all varieties.

“We were excited to uncover an emerging investor in Bradfield Advisors, and continue to search for new buyer profiles through our greater JLL database, as we did with East Village Hotel in Darlinghurst,” adds MacDonald.

“The sale of Plantation Hotel brings JLL Hotels & Hospitality’s consolidated regional sales to in excess of $45 million since the onset of COVID-19”, advised JLL National Director, John Musca.

“As we move into the holidays, we look forward to reaching $350 million worth of hotel sales for 2020, as a truly National Hotels team,” concluded Musca.

For further information relating to the Plantation Hotel sale, please contact the undersigned.

JLL Hotels & Hospitality Group, 16^th December 2020