The Sebel Launceston sold for nearly $10 million

A Tamanian buyer outbid national and international contenders to secure The Sebel Launceston.

It is a 4.5-star CBD apartment hotel sold for close to $10 million, the first time since opening in 2005.

It was listed through national specialist accommodation and hospitality property agency, Resort Brokers Australia by its original developer, Tasmanian Boutique Hotels Pty Ltd.

Resort Brokers Australia national sales manager Trudy Crooks says there were 30 genuine enquiries.

The sale of the freehold land and buildings component showed a 9% return while the leasehold sold on a 26% return, she said.

The Sebel Launceston, on the corner of St John and Williams streets, features 49 self-contained one and two bedroom suites, the popular Market Square Restaurant, two dedicated conference venues, a gymnasium, courtyard and large reception and lounge with open fire.

Designed by Launceston’s Artas architects, it features Tasmanian stone and timbers, showcases locally-commissioned art, and promotes local growers, producers and vineyards through its menus.

The buyer, a local investment company, has a background in tourism and hospitality, having previously owned motels and hotels in NSW and the ACT, Crooks said.

The hotel will continue to operate as part of the growing Sebel portfolio, Accor’s upscale apartment hotel brand.

Latest trading figures show The Sebel Launceston achieved a very healthy occupancy rate of 79.3% for 2013-14, compared to the Tasmanian average of 58.5% for the year (ABS, Hotels Motels & Serviced Apartments 15+ rooms).

Occupying a 3,651 square metre site, the eight-storey mixed-use building also incorporates 35 strata titled residential apartments on the upper three levels, which are individually owned and were not part of the sale.