10 Oct 2019
Words Lisa Allen The Australian
Zeckendorf bets $10m on Mackay Marina Hotel
Businessman and asset manager John Zeckendorf has forked out nearly $10m for North Queensland’s Mackay Marina Hotel overlooking the Coral Sea.
Mr Zeckendorf is punting on continued good value in regional accommodation assets adding that the 79 room hotel is regularly rated one of the best in the region.
The sale included an adjoining 1412sq m waterfront site with development approval for a further 120 hotel rooms.
“This sale highlights the fact there is a genuine rise in investor interest in counter-cyclical mining and resources markets like Mackay which are starting to bounce back,” said ResortBrokers managing director Trudy Crooks.
“Savvy investors have started moving in the accommodation sector in anticipation of a recovery and they’re able to secure outstanding assets at really good prices especially in these regional areas,” she said.
The hotel occupies 6407sq m of prime waterfront land and the adjoining development site is used to erect a large events marquee for nine months of the year.
The hotel was purchased by Mandala Asset Solutions through the Trinity Accommodation Regional Hospitality Fund a specialist in regional accommodation investments. The Mackay purchase adds to its $43m portfolio of 15 properties in regional Australia.
“We’re always on the lookout for quality properties in regional Australia and this is definitely one of the best properties in Mackay,” Mandala Asset Solutions principal John Zeckendorf said.
“I know the region has endured some tough economic times of late, but we see a definite upside in Mackay.
“Like Townsville to the north, we see signs of life in the Mackay economy and we’ll be well positioned to make the most of this turnaround.”
Mr Zeckendorf will operate the hotel adding that he had hired a new chef and new food and beverage head.