29 Nov 2023
Words John Miller The Hotel Conversation
ResortBrokers settles largest ever Quest sale
ResortBrokers has settled its largest ever sale of a Quest Apartment Hotel business with Quest Cronulla Beach.
The sale of the leasehold to the 59-key apartment hotel followed a successful campaign that attracted several highly competitive offers. The purchasers are experienced hoteliers, new to the Quest brand.
ResortBrokers, which has been Quest’s preferred agent nationwide for leasehold sales for over a decade, says it is the highest amount ever paid for a Quest leasehold transacted through the agency.
“We’re seeing unprecedented demand for Quest leaseholds right across the country,” says ResortBrokers’ NSW agent Jacqueline Featherby, who also recently settled the sales of the 91-apartment Quest Mascot, the 79-apartment Quest Wodonga and 35-apartment Quest Singleton.
“Quest is the most successful apartment hotel brand in Australia. A strong, stable and reputable brand means solid lending ratios from banks.”
“Quest’s lease structure ensures success for all parties, underpinning the security of the investment,” adds ResortBrokers’ Greater Sydney agent Tim Mayoh, who handled the sale of Quest Cronulla Beach in conjunction with Featherby.
“Add to that Quest’s ongoing training of its franchisees that makes for high quality tenants, which drives higher yields. All this makes for a very attractive investment.”
ResortBrokers’ other recent Quest settlements include the 52-apartment Quest Bunbury, the 90-apartment Quest Joondalup and the 100-apartment Quest Cannon Hill. The agency currently has several Quest leasehold listings including Quest Macquarie Park, Quest Toowoomba, Quest Dandenong Central and Quest Bundoora.
ResortBrokers has also recently been engaged to sell the passive freeholds of the 85-apartment Quest Townsville on Eyre and the 84-apartment Quest Palmerston, which are the only Quest-branded properties in Townsville and Darwin respectively.
“We’re passionate about the Quest brand,” says Trudy Crooks, ResortBrokers’ Managing Director.
“Quest’s commitment to the ongoing training of its franchisees means operators have all the tools they need to run their hotels successfully.”
“The Quest model is a win-win for all stakeholders. We’ve had great success selling Quests because we understand the model, which is the benefit of being immersed in it for over a decade. This has helped us achieve incredible results for Quest owners and operators because it means we can sell the benefits of the Quest model to all parties.”