Sold Hotel – Quest Woollooware Bay
CBRE are delighted to have sold the Quest Woollooware Bay Hotel located in Sydney, NSW.
The Australian Rugby League Commission (ARLC) has purchased the newly built Quest Woolooware Bay, strengthening the game’s financial position.
CBRE’s Michael Simpson and Vasso Zographou brokered the sale on behalf of property group Novm.
Located in the centre of Sydney’s Sutherland Shire, the serviced apartment hotel is due to open late November 2023.
Quest Hotels will lease and manage the hotel which offers 40 apartments (71 keys) as well as conference facilities, a business lounge and a gym.
In a media statement, the ARLC said the transaction represented the Commission’s second major strategic investment to continue to acquire assets that protect the game and provide new revenues for reinvestment in the game.
The statement said the ARLC had a focus on strengthening its balance sheet with stable, secure investments that provide steady income, long-term capital growth, strong yield and low risk, to protect the game against major interruptions.
“This acquisition represents an astute purchase by the Australian Rugby League Commision as it continues to grow its property portfolio.” Mr Simpson said.
“The hotel is adjacent to the Cronulla-Sutherland Sharks home ground PointsBet Stadium and is part of the $1 billion Woolooware Bay Town Centre mixed-use development. This was a demand driver in the sale, as well as the distance to Cronulla beach, enabling the hotel to service leisure, corporate, VFR and sports related market segments.”