This article is from the Australian Property Journal archive
PELATHON Management Group has sold off its newly refurbished Orana Hotel in the Lake Macquarie suburb of Blacksmiths for $4.2 million.
A locally-based publican with hotels throughout regional New South Wales purchased the property after a sales campaign handled by CBRE’s Daniel Dragicevich and Ben McDonald.
Pelathon, headed by Jaz Mooney, acquired the site in the middle of 2016 from bankruptcy trustee BRI Ferrier acting on behalf of the estate of long-time owner and publican Malcolm Downie, and undertook extensive refurbishments.
It formerly operated as the New Orana Hotel.
“The creative and pragmatic approach to the refurbishment has yielded a great result for Pelathon, who have bought in and sold out of this asset in approximately 13 months, resulting in a fantastic ROI for the group,” McDonald said.
“Pelathon’s ‘no stone unturned’ approach to this project has not only cemented a loyal community following for the hotel but also positions the incoming owners to build on the solid business foundations that have been laid and further capitalise on the property’s high growth, tourism driven location,” he added.
CBRE sold the Swansea Hotel in Lake Macquarie to the Laundy family late last year for circa-$13million, and is currently offering the large-format Gunyah Hotel in nearby Belmont for sale via expressions of interest closing August 17th.
Australian Property Journal
