Two Port Macquarie-Hastings hotels have been put on the market and are estimated to sell for a collective $100 million.
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The Port Macquarie Hotel and Tacking Point Tavern are owned by the Taphouse Hotel Group, which is based in Sydney and has an operational headquarters for hospitality in Brisbane.
HTL Property has been tasked with coordinating the sale of the two hotels.
HTL Property managing director, Andrew Jolliffe said the company has decided to refocus their investment priorities, and that's driven the sale of the hotels.
The Port Macquarie-Hastings Council population forecast for 2022 is 88,969, but just there are just eight hotels which serve the local area.
"We're unaware of another local government area which has the same potency in terms of hotels per capita," Mr Jolliffe said.
"When combined with the unparalleled pace at which the North Coast region is growing both economically and in terms of its population base, the opportunity to acquire scale is so incredibly rare"
The 2021 property boom proved strong on the NSW Mid-North Coast and no more so than in Port Macquarie-Hastings.
In January CoreLogic figures revealed Port Macquarie sits atop the highest total value of sales in NSW for the past year.
Mr Jolliffe said HTL Property is aware of the current nature of the property market.
The agency is running an expression of interest campaign for a month and the hotels aren't being advertised with a price.
They've received about 20 enquiries in relation to the hotels, prior any public advertisement.
"Those enquiries have come from within NSW and interstate," he said.
Mr Jolliffe can't say whether the collective sale estimate of $100 million will be achieved.
"We would think that assets of this quality would comfortably give view to the market at or above those levels," he said.
The Port Macquarie Hotel and Tacking Point Tavern occupy prominent commercial footprints both adjacent major shopping centres, within the CBD and at Lighthouse Beach.
Mr Jolliffe said the hotels are assets due to their proximity to other commercial facilities, such as shopping centres, they also have multiple revenue streams and they're central to the communities they service.
He said it's possible the prospective buyer could come from Port Macquarie, given the sale is open to anyone across the country.
"Often people who enjoy the benefit of that local knowledge are well placed to give a true value to assets such as these because they know first hand of the residential growth which is taking place in the local government area, and also the investment by state and federal government which is being put into the area," he said.
"We expect significant interest from that North Coast region, as well as others."
According to HTL Property, the hotels achieve $25m in revenue per annum between them.
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