HTL Property has today announced the off-market sale of two Redcape Hotel Group (Redcape) properties including the Shafston Hotel, East Brisbane, Qld, and Central Hotel, Shellharbour, NSW.

This follows recent news of the sale of Redcape’s Aspley Hotel, Brisbane sold circa $10.5m and The Grove Mackay sold circa $17.5m

The sale of the Shafston Hotel was brokered exclusively by HTL Directors Andrew Jolliffe and Dan Dragicevich. The large format and very popular Brisbane hotel has been sold to a successful Sydney based hotel group which owns and operates multiple hotels.

“We’ve been fortunate to sell four Queensland hotels recently, and the vast majority of sales have been made to interstate buyers, highlighting the magnetic investor interest the national buyer universe has for this state” commented HTL Property Managing Director, Andrew Jolliffe.

The multi-level Shafston Hotel is situated in East Brisbane, in close proximity to both the Brisbane River and Gabba Stadium complex.

The second Redcape asset sale announced today by HTL Property is the large format Central Hotel located on the South Coast of New South Wales, which was sold to a local operator.

The off-market sale of the Central Hotel was concluded by HTL Property Directors Sam Handy and Andrew Jolliffe; the specialist firm having sold the asset to Redcape in 2018.

"The Central Hotel spoke to a specific buyer pool of active clients, and we're delighted to have been able to match two valued clients together and in doing so conclude a mutually beneficial trade that met with both party's objectives," added HTL Property Director, Sam Handy.

The sale of both the Shafston and Central hotels by HTL Property illustrates the continued market confidence in an asset class that enjoys the benefit of high barriers to entry, and other forms of protection in contrast to the static nature of other forms of non-residential property investment.

“If you’ve got commercial property interests, or a desire to have so, traditional hotels must feature as a high quality option given their malleability in terms of responding to changing market conditions,” added HTL Property National Director, Dan Dragicevich.

Chris Unger, Managing Director, Redcape said, “We are pleased with the progress we have made with asset sales. In a short space of time, we have exchanged contracts on more than $70 million worth of venues, at or above book value.”

HTL Property is also selling Redcape’s large format Shamrock Hotel (above) in Mackay, QLD, via an EOI sale process concluding 13 September 2023.

To request a sales analysis please contact the selling agents HTL Directors Andrew Jolliffe and Dan Dragicevich via the below contact details.

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