Peppers Anchorage Hotel in Port Stephens listed for sale
The Peppers Anchorage hotel in Port Stephens has been listed for sale by Bay Holdings Ltd, a joint venture company owned by Greg Shand and Allan Vidor.
Set on a 1.5 hectare site on the Tomaree Peninsula, the 1.5-hectare luxury hotel opened in 1992.
The 80-room hotel development project was first unveiled in 1988 then built at around a reported $23 million cost. It was designed to resemble a New England fishing village consisting of a series of coastal-style cottages, linked by covered walkways.
CBRE Hotels agents Andrew Jackson and Rob Cross are selling the property, with the campaign ending August 23.
The hotel is attached to a 90-berth marina, which is being sold concurrently through Knight Frank.
Many of the visitors to the hotel come for dolphin and whale watching as well as game-fishing, jet-skiing, kayaking and scenic flights in the hotels seaplane.
The area is also a sailing hotspot and home to a number of sailing regattas.
The Peppers lease finished in 2011, and the building is being offered vacant.
No price indication has been giveb for the Peppers officering.
The hotel almost sold to Macquarie Bank in 2002, and then was last listed in early 2008.
Its 2008, Jones Lang LaSalle expressions of interest campaign sought around $30 million for the hotel with marina.
Jackson says the Colette Point Road hotel is an icon in Port Stephens.
“The property benefits from a diverse business mix, which includes corporate clientele, as well as conferencing, leisure trade and weddings,” Jackson says.
“The hotel and restaurant are also very popular with the locals, and there is an opportunity for a more hands-on owner to achieve further upside by developing the conferencing and wedding business.”
The development got its 1988 approval after two years of negotiating with the Lake Macquarie City Council by the Peppers Hotel Group, the headed by Mike O'Connor, reportedly in partnership with Mercantile Credits Ltd, Centennial Developments and McAndrew & Associates.