Facilimate has acquired the 82-key Coral Cay Resort in Mackay from troubled Blue Sky
Facilimate bought the property for c. $10m
Blue Sky has copped a capital loss of about $6m
Brings their portfolio to six hotels across the country
Facilimate Hotels has continued its expansion with the acquisition of the 82-key Coral Cay Resort in Mackay, Queensland. This brings their portfolio to six hotels across the country.
Apparently Facilimate bought the property for $10m and Blue Sky has copped a capital loss of about $6m.
Blue Sky Residential Asset Managers, an unlisted fund that comes under the umbrella of ASX-listed Blue Sky Alternative Investments Limited, paid $16 million for the Mackay hotel in May 2013.
The hotel was put up for sale in April. A month later, Blue Sky Alternative Investments was placed in the hands of receivers by financier Oaktree Capital Management.
Facilimate also recently bought the Pacific Hotel Cairns and Urban Hotel Brisbane. It takes its portfolio of owned and operated assets to six across the ACT, WA & QLD.
Managing Director Stephen Lauder said, “Our investment strategy is driven by the desire to purchase attractively priced hotels with vacant possession in key cities and regional markets. Then with a refurbishment, new sales and marketing approach and centralising support services we are able to reposition the hotel”.