The iconic New Albury Hotel (Beer DeLuxe Albury) was sold at a fiercely competitive auction, demonstrating the enduring strength of the regional hotel investment market.

The heritage-listed New Albury Hotel has sold for a whopping $13.2 million at a hotly contested auction where individual bids rose by as much as $900,000. Following an opening offer of $8 million, six parties competed for the premium-grade asset, with a well-known local hotelier emerging as the eventual buyer.

Receiver FerrierSilvia appointed Manenti Quinlan & Associates and D.J. May Real Estate to manage the freehold sale.

“There was strong interest from a broad range of potential buyers throughout the sales campaign. We fielded enquiries from institutional and private investors and several experienced hoteliers, all attracted by the asset’s quality and the prospect of partnering with a blue-chip, long-term tenant in the Australian Venue Co (AVC),” said Manenti Quinlan’s Leonard Bongiovanni.

Built in 1939, the New Albury Hotel is one of the town’s most recognisable buildings with an iconic five-storey curved facade and a footprint of more than 2,000m2 in the heart of the CBD.

“The result was well above expectations,” said broker and auctioneer Doug May from D.J. May Real Estate. “We blew past the reserve and kept going, showing there’s still an exceptionally strong market for regional hotel investments, particularly those with an A-grade tenant in place.”

To request a sales analysis please contact the selling agents via the below contact details.