05 Nov 2026
Words Hamish Geale The Examiner

Investment group buys out Launceston hotel in big-money transaction

An ambitious investment group will take over Launceston’s Sebel hotel following a big-money, off-market transaction.

The St John Street property sold on November 4 for an undisclosed price, understood to be the biggest figure achieved for a Tasmanian accommodation asset outside Hobart.

The new owner is Deltine High Yield Motel Fund, a fast-growing operation that has bought 15 Australian motels since launching in late 2024.

The Sebel is its first Tasmanian acquisition.

Chief executive David Toomey said Deltine was looking to become the country’s biggest owned-and-operated motel chain within the next five years.

“No-one owns more than about 30 to 35 motels in Australia, so we’re well on track for that,” Mr Toomey said.

“We’ve [bought] 15 in the first 18 months, and our plan is to buy 10 a year for five years to hit 50.

“The regional hotel and motel sector is quite an overlooked asset class because of the regionality and size of the assets, it’s a bit too small for the large institutions, but a bit too big for some private investors. It’s a perfect segment for us to play from an investment perspective.”

The Sebel began life as Cornwall Square Apartments about 22 years ago.

It was bought in early 2015 for just shy of $10 million by local couple Craig and Susan Richman, who have run it ever since.

The hotel has 49 rooms, a restaurant, and has regularly hosted AFL teams playing in Launceston.

Mr Toomey said the hotel “ticked all the boxes” Deltine values, being a four-star hotel in a regional location that caters to “corporate business and the professional traveller”.

“It’s a very good asset and good location, good condition and run well by the previous owners,” he said.

“We’re very interested in [buying more assets in] Tasmania, it’s a really great market for accommodation.”

Deltine will continue the existing franchise agreement with Accor, meaning the hotel will keep its Sebel branding.

The sale was brokered by Resort Brokers’ Marissa von Stieglitz, who called the hotel a “standout property in one of Tasmania's most important markets”.

“This record sale highlights continued demand for quality accommodation assets in Tasmania, particularly established properties in great locations with proven trading histories,” Ms Stieglitz said.

“Securing a buyer of Deltine’s calibre through an off-market process reflects both the strength of the asset and the confidence corporate groups continue to have in Tasmania’s accommodation sector.”