Citigate fully booked for Bathurst 1000 but still seeking buyer
The Citigate Mount Panorama Bathurst hotel is entirely sold out this weekend as fans descend for the country’s premier V8 race, but the resort has yet to find a buyer.
The hotel sits on a 1.6 hectare site on Conrod Straight perched at the end of the main straight.
The hotel was listed for sale in May and expressions of interest closed on June 23. It was listed in 2008 with a reputed $30 million asking price.
Creditors are currently owed about $44 million for the project, which cost about $50 million to develop.
It is being sold by CBRE Hotels' Andrew Jackson and Rob Cross on behalf of receivers and managers Christopher Campbell and David Lombe from Deloitte.
Discussions are understood to be underway with a number of interested parties but no deal has yet been brokered.
The property is being sold “in one line” but is strata titled and offers investors the opportunity to sell down the individual units as separate stratas and operate under a management agreement.
The four-star hotel, which features 135 residential apartments over seven levels, has been in receivership since opening its doors to the public in September 2009, “a period marred by the economic downturn,” according to the investment report.
Facilities include a restaurant and bar, rooftop conference facility / function centre, heated swimming pool and spa, gymnasium, reception, lift lobby, and a two-storey covered car parking building.
In October 2009 racegoers forked out more than $7,000 for a four-night stay in a three-bedroom apartment in the newly opened hotel.
The hotel is operated by Mirvac Hotels and according to the investor memorandum, in April 2011, the hotel brought in revenue of around $730,000 compared with $459,000 a year ago. Revenue for the year to April 2011 is recorded at $4.2 million.
Recent regional NSW sales include the Chifley Albury sold by Andrew Jackson to the Rydges chain for $14 million and the Country Comfort Wagga Wagga and Country Comfort Shepparton sold to private investors for $8.8 million and $8.5 million respectively.
Bathurst is both a regional services centre as well as a tourism centre and is located just over 200 kilometres west of Sydney on the Macquarie River. The Bathurst airport provides regular connections to Sydney.
Outside of racing, education is the city’s largest industry. The region is serviced by educational facilities including the main campus of Charles Sturt University, two TAFE campuses, four private and two public schools, preschools, and a community college.