The sale of Daylesford’s historic Bellinzona Resort to local accommodation operators against the backdrop of COVID-19 shows there are opportunities being sought in Victoria's hotel and leisure market, according to JLL Hotels and Hospitality Group's Will Connolly and Nick Macfie.
Two days after Victorian Premier Daniel Andrews announced Victoria's roadmap out of lockdown, JLL celebrated the recent settlement of a resort within the state's famous spa capital.
The sale of Daylesford’s Bellinzona Resort to local accommodation operators Tony De Marco and Theresa Albioli was announced in June, with the finalisation of the transaction meaning the entire process occurred within the pandemic period.
JLL Hotels and Hospitality Vice President for Investment Sales, Will Connolly, who negotiated the sale with Nick Macfie, told WILLIAMS MEDIA while Victorians still had a little while to wait for intrastate travel, they woud "be desperate" to explore the state once they're able, making opportunities like Bellinzona Resort an appealing prospect in the Tourism & Leisure market, regardless of the environment.
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"The timing of a transaction can now be an advantage to a purchaser," he said.
"Buying now will involve a settlement period of at least 90 days, which will then produce a settlement timeframe of 2021, a time in which every Victorian anticipates as ‘covid-normal’ and being closer to having this behind us."
Source: JLL Hotels and Hospitality
Mr Macfie agreed, identifying ‘drive to’ leisure market as one of the first to experience the benefits of Victoria’s eventual easing in terms of movement within the state.
"We’ve all seen the recent ‘boom’ regional areas of New South Wales have experienced with their restrictions being eased," he said.
"Regional Assets that are located within tourist destinations remain extremely attractive to investors given their resilience and viability.
"Our team are currently preparing the launch of a public sale campaign of a property similar to Bellinzona, once again located in Regional Victoria.
"We have no doubt educated purchasers will see the benefit in securing now in the knowledge that our regional tourism and leisure market will recover quickly."
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