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

industry experts offered insight on selling franchised hotels as well as how to prevent ADA issues from developing during a renovation.

Paul Kelly, CEO of the National Tourism Development Authority Fáilte Ireland, said the capital needs 1,000 new rooms in the coming years.

Construction of the hotel on the site of the historic Equity Chambers building has commenced and the project is expected to open by Q2 2020.