Commercial Hotel

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Caledonia Investments seems set to walk away from its ­hostile takeover bid for ALE Property Group, owner of a $900 million pub portfolio.
The largest investor in ALE Property lobbed its $770-million all-cash takeover offer in October.
But the Australian Financial Review's authoritative Street Talk column says Caledonia is expected to formally withdraw after prolonged talks with the company failed to strike a deal on the offer at a 74% premium to ALE's net tangible asset value.
ALE owns a $900 million portfolio of 86 pubs which are operated by ALH, a joint venture between Woolworths and Bruce Mathieson.
Woolworths is ALE's second largest shareholder with around an 8% stake.
Led by Mark Nelson, the Sydney-based private investment group holds around 26% of ALE, which engaged Macquarie Capital for its defence.
Caledonia, which hired Moelis &amp; Company, was set up in 1992 to manage the fortunes of the Darling family and later adding the Nelson and Vicars families.
It has $2.8 billion under management.
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jchancellor-FAypfDUnLy

Caledonia Investments takeover bid for ALE pub portfolio languishes

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Modular hotel company Tribe Hotel Group will partner with the Mantra Group to operate its inaugural property in Walker Avenue, West Perth.
Mantra Group will manage the West Perth hotel’s operations under the new Tribe brand when it opens in 2016.
The Tribe Hotel Group's modular design and construction methodology comprises pre-fabricated guest rooms with essentials for the modern traveller, deviating from traditional accommodation.
“Tribe aims to revolutionise the traditional hotel experience by challenging the norms to attract the new generation of traveller who is looking for simplicity, affordability, and connectivity in a high-end interior environment," Mark Peters, the founder of Tribe Hotel Group, said.
"We saw an opportunity to lower the cost of construction by designing and manufacturing a quality modular product from overseas and plan to pass these savings onto our guests who are travelling for business or looking to explore a new city.
“We look forward to bringing this vision to life with Mantra Group and our key business partners to revolutionise the market when we open our first hotel in West Perth.”
The first Tribe Hotel in West Perth aims to provide a smart, curated hotel experience with luxurious guest rooms supported by free WiFi, barista coffee and fresh juices with communal work and breakout spaces.
Construction company Probuild has been engaged to complete the project build, expected to be more efficient than the average build time for a similar sized hotel due to the modular application.
Construction is set to commence in November 2015 and the project is estimated to have an end-value of $30 million with completion expected in December 2016.
“The Perth market is in a solid position with strong occupancies. We expect this to be sustained by a growing leisure travel sector along with corporate travel and inbound tourism maintaining strong demand for the city and are confident this project will be a great success,” said Mantra Group CEO Bob East.
Mantra Group will play a major role in the success of the West Perth hotel alongside Tribe Hotel Group’s joint venture partners including prominent property developer, Salta Properties and the Victor Smorgon Group.
Tribe Hotel Group has acquired two additional sites in prominent locations with plans to start construction in 2016 on projects in Melbourne and Hobart.
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Tribe partners Mantra for modular-design hotel in Perth

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Casino Canberra’s $14 million makeover is complete and the gaming floor is open to public, with construction company Hindmarsh finishing the project on time. 
The refurbishment of around 1,500 square metres included a new high rollers’ lounge and is expected to provide a new lease of life for the casino owned by Hong Kong-based Aquis Entertainment.  
Hindmarsh’s contract was valued at nearly $6 million.
The company’s ACT manager-construction David Colbertaldo said it worked with local suppliers on the project.
Hindmarsh says it has delivered more than 4,000 residential units and undertaken construction work, including commercial, hotel, health and education projects, worth $3.5 billion. 
 
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Casino Canberra’s makeover complete

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A tavern in Queensland's ‘sugar capital’ of Mackay is being offered for sale by Ray White Hotels Australia.
The Andergrove Tavern at 64 Andergrove Road includes a public bar, sports bar, gaming room with 45 gaming machines, a bistro and dining area with a commercial kitchen and a drive-through bottle shop.
Marketing agents Tony Bargwanna and Leon Alaban of Ray White Hotels Australia are running an expressions of interest campaign till September 8
Bargwanna said the tavern is operated under management and has undergone a $4 million refurbishment. The land area is nearly 1.96 ha and has development potential subject to council approval, he added.
Mackay, nearly 970 km north of Brisbane, is known for being a major sugar producer and higher prices have helped the regional economy.
Alaban said other positives for Mackay include its proximity to the Whitsunday Islands and the Great Barrier Reef.
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Tavern for sale in Queensland's 'sugar capital' 

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The Wollongong pub The Figtree Hotel sold at mid-week auction for $5.375 million.
The owner of the nearby Unanderra Hotel, Andrew Denmeade, bought the property.
It has a gaming room, a sports bar, a bistro and a drive-in bottle shop.
There is development potential for the 9300 sq m offer that sold through Ray White Hotels' Andrew Jolliffe.
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The Figtree at Wollongong sold

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Newtown's iconic Marlborough Hotel has been sold to to a company managed by Bruce Solomon and Matt Moran's hospitality group Solotel, price undisclosed, but reported as around $33 million.
Andrew Jolliffe, director, Ray White Asia Pacific said the property sold following a six week international EOI campaign launched in March.
"The level of international interest was significant; and is reflective of material off-shore equity tranches looking for a home in high yielding Australian property investments with exposure to management functions, and business operation," he said.
The sale of the Marlborough Hotel by the Australian Pub Fund - headlined by John Singleton and Geoff Dixon - represents the fifth by the group.
Following the sale of the Marlborough, the Australian Pub Fund will have five pubs, three in Sydney; Kinselas in Darlinghurst, Unity Hall in Balmain and the Vic on the Park in Marrickville and two in Brisbane; the Stock Exchange and Elephant Arms. 
Matthew Beach, director of APF said consistent with our strategic objectives, we have divested a number of pubs where we feel the price the market has offered reflects the value of our assets.
"We will continue to apply this strategy where applicable," he said.
"Our strategy of buying the best pub assets within each local market area has attracted experienced buyers to pursue the acquisition of our assets.
Andrew Gibbs, APF chief executive officer said the Marlborough was a unique proposition given both its sheer scale, and proximity to both Sydney University and RPA Hospital
"The large footprint the hotel adorns, complete with multiple outdoor areas and 30 very valuable gaming machines, enabled us to significantly grow the earnings of the pub during our ownership period," he said. 
 
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Newtown's Marlborough Hotel sold

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Hotelier Justin Hemmes has bought the Centennial Hotel in Sydney's eastern suburbs as his commercial property splurge continues.
The reputed $15 million purchase comes after recent acquisitions of the Royal Hotel in Bondi, the Vic on the Park in Marrickville and Collaroy's beachfront hotel.
Hemmes also recently spent nearly $9 million on a <a href="https://www.urban.com.au/expert-insights/investing/77407-justin-hemmes-buys-commercial-kitchen" target="_blank">commercial kitchen</a> to service his growing portfolio.
Ray White's Asia Pacific director of hotels Andrew Jolliffe secured the off-market sale of The Hotel Centennial without formal price disclosure.
Jolliffe has now sold in excess of $1.75 billion in hospitality assets in the past five years.
Jolliffe has long espoused the view that market conditions for A-Grade hospitality properties enjoy strong favour and tightening yields.
"We've been both liberal and robust in our view over the past 24 months that the spread between cost of funding and yield for A-Grade hospitality assets is well placed to contract further next year" he said.
"The fundamentals are all pointing to this outcome, and the argument supported by astute hotel investors, by virtue of deed, is illustrative of this market response" Jolliffe concluded.
The Hotel Centennial is a landmark double storey Eastern Suburbs Hotel occupying a 780 sqm Oxford St location opposite Centennial Park.
lt was sold by the Medich family, who recently sold the Woolloomooloo Bay Hotel, The Woolwich Pier Hotel and Mosman's Buena Vista Hotel.
The Medich family, via their Halcyon Hotels vehicle and headed by Anthony Medich, acquired the hotel in 2014 and undertook substantial renovations; consequently attracting clientele from both the broader Eastern Suburbs; as well as the design, art and fashion industry.
"Like a handful of other iconic hotels, The Hotel Centennial is a very valuable piece of Sydney commercial property, and for decades has been a favoured meeting place for local residents and visitors to the area," Jollifee said.
"We are delighted to have again enjoyed the Medich family's trust with such a valuable asset, and feel equally pleased to have matched this famed property with such an appropriate suitor in Justin Hemmes."
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Jolliffe was announced the 1000 office Ray White Group's <a href="https://www.urban.com.au/news/75909-ray-white-announces-hotel-broker-andrew-jolliffe-as-top-agent-internationally" target="_blank">number one agent</a> internationally in 2017.
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jrobinson-rf4aSBido9

Merivale's Justin Hemmes adds Hotel Centennial to portfolio

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A 143 year-old Blue Mountains guest house, that was originally built for the Fairfax family, has come onto the market.
Mount Victoria Manor, at 11 Montgomery Street, Mount Victoria, is currently a working hotel.
It features 10 rooms with ensuites, four large family rooms with ensuites, one two-bedroom apartment and one four-bedroom apartment.
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The hotel also has a commercial kitchen, a restaurant dining room that can seat 80 people and an enclosed alfresco-styled observatory.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/14/mt%20manor%202.jpg" alt="">
It sits on a 7,622 square metre block.
Built in 1876, the Fairfax family owned the property until 1887.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/14/Mt%20Manor.jpg" alt="">
It most recently traded in May of 2015, when it sold for $1,100,000.
The historic house has been listed through Hartley Realty &amp; Lifestyle Properties. 
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