Comfort Inn City Centre has been sold exclusively by HTL Property via an off-market private treaty sale process.
National specialist brokerage firm HTL Property is pleased to announce the successful sale of Comfort Inn City Centre (Armidale), to active investor RHCD Funds, run by Carpe Diem Partners and Redhill Hospitality.
HTL Property Directors James Carrick and Nic Simarro exclusively handled the sale. Comfort Inn City Centre is located in the heart of Armidale, directly opposite Central Park; and is positioned upon a 2,687 sqm land parcel. The property offers 40 renovated rooms and restaurant.
“Comfort Inn City Centre will be a great addition to our accommodation stable now totalling 450 rooms across three states; the New England region is a top 10 tourist destination in NSW and we have major plans to provide our clientele with a fitting asset” advised Purchaser Simon Wheatley, Managing Director of Carpe Diem Partners.
“Following Redhill’s recent acquisition of Tenterfield Best Western, it makes sense for us to grow our presence in this area and create synergies between our properties” Wheatley added.
“Armidale and the New England area has seen dynamic growth over the past five years with significant increases in both tourist numbers and nights spent in the area” advised HTL Property Director, James Carrick.
“This trend has been driving extremely strong enquiry for accommodation assets in this region, and we are delighted to finalise this deal with a renowned regional operator in RHCD Funds who have built a major portfolio of regional accommodation assets over the past three years” Carrick added.
“Regional assets such as this in Armidale have proven to be resilient even amidst uncertainty in other parts of the market” commented HTL Property Director, Nic Simarro.
“We enjoyed strong bidding on behalf of our client for this asset; as well as for others we are marketing in the region” Simarro added.
“We anticipate a strong year of sales in the second half of 2023, and encourage any owners contemplating the sale of their regional property to connect with us; as we would welcome the opportunity to share some insight regarding the favourable market conditions” concluded Simarro.