Pub barons the Laundy Group buys the Mercure Centro Hotel in Port Macquarie for around $25m
Famous pub barons the Laundy family have looked to the age-old adage ‘fish where the fishes are’ with their latest acquisition.
The Laundy Hotel Group has paid around $25 million for the Mercure Centro Hotel in Port Macquarie, in northern NSW, which is enjoying a boom in tourist numbers and property price growth.
“Whilst not housed in the same equity structure as our other beachside accommodation assets in Noosa, Manly and Terrigal; this coastal property intersects perfectly with our national investment objectives, and adds deftly to the growing portfolio,” said purchaser, Stu Laundy.
“We have decided to team up with local hospitality operator Alistair Flower, who is so very highly regarded in the region.”
Mercure Centro Hotel in Port Macquarie. Picture: Supplied
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The buy adds to the Laundy’s impressive stable of assets which includes the Sofitel in Noosa, the Crown Plaza Terrigal and the Novotel Manly.
The off-market purchase of the freehold going concern was brokered by HTL Property’s Andrew Jackson, Andrew Jolliffe and James Carrick on behalf of long-term owner HLF Pty Ltd
According to HTL Property, the 4.5 star, 72 room corporate hotel is located in heart of Port Macquarie’s commercial, retail and entertainment precincts.
Constructed over five levels, the hotel offers a range of facilities, including an extensive restaurant and bar, licenced rooftop leisure/event area, an expansive conference area, secure underground parking for 86 vehicles, swimming pool and day spa; plus two retail outlets on the ground floor.
Pictured at Catalina Restaurant in Rose Bay last year for his 80th birthday is publican Arthur Laundy (middle) with his sons Stuart Laundy and Craig Laundy. Picture: Richard Dobson
The property has been owner-occupied and indexed to a franchise agreement in place to Accor Hotels, under the Mercure brand since the hotel’s opening in 2007.
Visitor trips to Port Macquarie are predicted by Tourism Research Australia, to grow by over 20 per cent by 2023 with visitor expenditure expected to read almost $128 billion in receipts by 2026, which would be a record for the area, pointing to a very savvy purchase.
Residential property in the area is also booming, having enjoyed 30 per cent growth over 2021.
Artist’s impression of Lone Pine Plaza being developed in Umina Beach by Laundy Hotels.
“This powerful suite of economic generators, when combined with an established tourism profile, speaks volumes for the ongoing strength and vitality of the entire mid and far north coast of NSW,” HTL Property Managing Director, Andrew Jolliffe said.
“The mid-market accommodation sector has shown demonstrable improvements in trade over recent months, and none stronger than true coastal city centres, which very efficiently capture corporate and leisure travellers alike.”
“The Port Macquarie accommodation market enjoys an extremely prosperous outlook with virtually no new supply; and an enviable variety of demand drivers that we submit will continue attracting investors and tourists to the region.”
The Laundys are also influential sport figures, as major sponsors of the Canterbury Bulldogs in the NRL. (Photo by Mark Kolbe/Getty Images)
HTL Property Director, James Carrick added: “This is an unprecedented boost to the domestic tourism industry, and a once-in-a-lifetime opportunity for astute investors to snap-up assets such as Mercure Port Macquarie; which are sure to benefit.
“Mercure Port Macquarie promotes a strong and steady history of profitability and growth; with ongoing revenue growth forecast in the current financial year. When underpinned by the resurgent domestic tourism industry and a number of value-add opportunities available, we anticipate the trading performance of this asset will continue in both an upward and robust trajectory.”
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