As part of the turnaround strategy for the hotel, C2 Capital will be undertaking a significant upgrade to enhance the guest experience as the property is tired and in need of a makeover. There will also be additional facilities in the upgrade including a gym, co-working areas and a food and beverage offering that will cater to health-conscious guests.

Sunil Kumar director of C2 Capital said, “We are very pleased with this acquisition and excited with our move into sustainable, affordable luxury hospitality projects. We have great faith in the steady growth in the region and are excited with the opportunity to be part of the local business community.”

Upgrades to this property will start early 2019 with C2 Capital currently in negotiation for acquiring a further four hotels in the next 12 months and developing new affordable luxury hotels.

The sale was handled by CBRE Hotels agent’s Paul Fraser and Hayley Manvell.

Mr Fraser said, “The sale is an example of an astute buyer coming in and looking at the counter cyclical opportunity in the region that has great bones and will flourish with a renovation in the larger macro-economic resurgence”.

CBRE Hotels’ Senior Negotiator Hayley Manvell said “We are witnessing renewed interest from investors for Regional Queensland properties, which signifies a perception that these markets have bottomed and are in a recovery phase”.

On behalf of the purchaser, C2 Capital, the deal was negotiated by commercial real estate and hospitality specialist Kurt Braune from KBCG. Mr Braune said, “This purchase was a very strategic acquisition for C2 Capital, as the local economy slowly recovers from the post mining boom”.

“The gradual resurgence of coal exports and other new processing projects including the recently announced $308M high tech abattoir by Agri Corp, give us confidence in the region and ultimately the ongoing viability of the hospitality sector,” he added.