Australia’s best hotel sells for $50m

A syndicate of wealthy investors has paid $50 million to buy Hobart’s multi-awarded MACq 01 hotel.

The 4.5-star waterfront hotel at 18 Hunter Street opposite Salamanca Market was last year named Australia’s best hotel at the Australian Hospitality Awards and Australian Gourmet Traveller’s best large hotel.

The bespoke 2017-launched property, TripAdvisor’s number one-ranked hotel nationwide last year, encompasses a storytelling concept which looking to educate guests about Tasmanian culture, psyche and spirit through the histories of locals who once frequented the Hobart waterfront.

[pro_ad_display_adzone id=”15046″ align=”left”]According to the Australian Financial Review, The new owners include the Farrell family, whose Federal Group operates the MACq 01, the Rockefeller family led by property moguls Robert and Victoria Rockefeller, and the Newton family, which includes Knight Frank partner Scott Newton.

While the sale price remains confidential, it is believed to be around $50 million.

“The storytelling hotel concept was an exciting innovation and feedback from our guests has been staggering,” said Greg Farrell, managing director of Federal Group.

“We owe a great deal to our local community, from captivating stories and artefacts through to incredible Tasmanian food, beverage and various other industry partnerships.”  

Peter Harper of broker JLL Hotels & Hospitality Group said the sale was the latest in a series of recent high-profile Tasmanian accommodation sales.

“We have transacted four hotels across Tasmania this year and have another major hotel asset under contract. There is no doubt investors are increasingly recognising the outstanding fundamentals of the market and its growth potential,” he said.

The property was put up for sale last year with an asking price of $60 million. According to the Hobart Mercury, the Tasmanian Valuer-General valued the MACq 01 site and building at more than $80 million at the end of 2018.