In Geelong, Australia, Event Hospitality and Entertainment (previously known as Amalgamated Holdings) has purchased a Mercure Hotel from the local Kildair Hotels Group.
Kildair had owned the hotel for at least 20 years, and sold the property for an estimated $25 million. CBRE agents Rob Cross and Scott Callow negotiated the deal.
Event Hospitality is expected to end the hotel's relationship with AccorHotels and rebrand it as a Rydges Hotel following a major renovation that will likely cost another several million dollars.
Mercure Hotel’s general manager Phillip O’Brien confirmed the sale. “I can confirm we’ll leave the Accor network on March 1, 2017, as a result of the successful sale of the hotel to a new owner,” he told the Geelong Advertiser.