Several hotels in Victoria, Australia up for sale

In Victoria, Australia, several properties are up for sale: The Continental Hotel in Sorrento, Eagle Ridge Golf Course in Boneo, Pig and Whistle Tavern in Main Ridge, Whitehall Guest House in Sorrento, Portsea Hotel and the Old Church in Tyabb are all on the market, according to the Herald Sun.

Agents said international and Australian developers, hotel companies and even private schools were among those interested in the multi-million dollar properties, some of which had heritage overlays or zoning issues that limited development or use. Agent Rob Curtain, from Sotheby’s International Realty, said The Continental Hotel, built in 1875, was attracting interest from about 10 parties. 

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Agent Warwick Anderson, from RT Edgar, said there had been "diverse interest" in Whitehall Guest House in Sorrento, and that the property was likely to fetch more than $4 million. The Pig and Whistle Tavern in Main Ridge is also on the market with an asking price of more than $3 million.

Mornington Peninsula Regional Tourism Board chairwoman Tracey Cooper told the paper that there were “no unnatural forces” at work that might be forcing the sales. “We have more than 2,000 tourism businesses on the peninsula and it’s not surprising that a handful are testing the market,” Cooper said.

Suggested Articles

As it takes over franchise agreements and management contracts of Orbis' Central Europe hotels, Accor also is looking to divest its stake in the company.

Hotels in the country have reported growth in both revenue and profitability, but the outlook for further improvement in 2019 and beyond is uncertain.

The survey is open to hotel franchise/membership companies, multiunit hotel ownership companies, hotel management companies and hotel developers.