Lucrative deal sealed with sale of Leura Gardens Resort
Prestigious Blue Mountains resort re-sells for 25% premium in less than 12 months to Dr. Jerry Schwartz
In a notable transaction, the Elanor Hotel Accommodation Fund, managed by Elanor Investors Group, has sold the Leura Gardens Resort in just under 12 months after acquisition. The sale amount represents a 25 percent premium on the fund’s original purchase price.
The prestigious resort, nestled in the heart of the Blue Mountains, has exchanged hands to the Schwartz Family Company, Australia’s largest privately owned hotel group, renowned for its ownership of the nearby Fairmont Resort.
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The sale has garnered significant attention due to the impressive premium attached to it, representing a 25 percent increase from the original purchase price by the fund. The deal materialised following a direct off-market approach orchestrated by the original selling agent, CBRE Hotels’ National Director, Wayne Bunz.
Spanning across an expansive 18,793 square meters of freehold land, the Leura Gardens Resort boasts a diverse range of accommodation, including guest rooms, suites, and serviced apartments. Additionally, it features a two-bedroom onsite manager’s residence, extensive conference and events facilities, two restaurants and bars, a coffee lounge, gym, and multiple amenity rooms catering to various needs.
Commenting on the acquisition, Dr Jerry Schwartz said, “I thank Elanor for the opportunity to combine Leura Gardens Resort with the Fairmont and leverage its facilities.
The acquisition will also allow us to provide for a different target group of guests, at the 3.5 star level, complementing the higher category 4.5 star guests catered for at the Fairmont.”
Elanor’s head of hotels, tourism and leisure Marianne Ossovani said, “Although our initial intention was to maintain a long-term strategy for this asset, our foremost priority remains ensuring robust returns for our investors. We’re delighted to have achieved significant returns for our fund’s investors within a short timeframe.”
Mr Bunz noted, “Opportunities to purchase assets of scale in iconic locations such as the Blue Mountains are scarce, and existing owners benefit from the high barriers to entry for new properties with mounting development costs. This sale is a great outcome for both Elanor’s investors, as well as the Schwartz Group, who will be able to substantially benefit from economies of scale of owning and operating this asset with the Fairmont Resort Blue Mountains and other assets in their portfolio.”
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