Newport Mirage Hotel sold to Chinese buyers
The 47-room Newport Mirage Hotel on Sydney’s northern beaches has been sold for $10 million to a Chinese buyer.
The deal was struck on a 9% yield through CBRE hotel agents Andrew Jackson and Paul Kapiris.
It was sold by the Bayfield family at the lower end of the estimated $10 million to $12 million reported sale prospect.
The Bayfields also own the Newport Arms Hotel, The Dee Why Hotel and Bayfields Liquor Superstore.
The family has owned the four-star hotel and function centre on the water since 2000.
It was the first hotel purchase for the undisclosed Chinese group.