Mantra Bathurst Hotel fetches $13M, signalling growth in local hospitality sector
JLL Hotels & Hospitality Group successfully brokered the deal boosting Bathurst’s thriving hotel market
JLL Hotels & Hospitality Group has announced the successful sale of the iconic Mantra Bathurst Hotel for $13 million, representing a 34 percent premium over its last sale price in 2021. The sale was made to a local owner-operator, marking a significant boost to Bathurst’s burgeoning hotel market.
The Mantra Bathurst Hotel, a cornerstone of the city’s hospitality landscape, offers 50 well-appointed guest rooms and suites. Its strategic location, with direct access to Bathurst’s central business district and the famous Mount Panorama, has long made it a preferred destination for both business and leisure travellers. The hotel’s excellent facilities and reputation for exceptional customer service further solidify its standing in the region.
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JLL, acting as the exclusive advisor, managed the off-market sales process on behalf of MA Growth Ventures, which oversees the MA Real Asset Opportunities Fund. This fund, established in November 2020 by MA Financial Group, focuses on acquiring opportunistic, defensive, and income-generating assets. The Mantra Bathurst Hotel’s successful rebranding and repositioning under the fund’s management played a key role in achieving the 34 percent uplift in its sale price.
Andrew Langsford, Senior Vice President at JLL, expressed his enthusiasm for the transaction, stating, “We are delighted to have completed the sale of the Mantra Bathurst hotel. The sale presents an exciting opportunity for the new owners to build upon the hotel’s esteemed reputation and capitalise on the ever-growing tourism and business scene in Bathurst.
Langsford added that the hotel’s strategic location and proximity to major regional attractions position it well to benefit from the continued growth in the region.
Myles Gunter, Investment Director at MA Growth Ventures, also commented on the sale, highlighting its success as the second realisation from the MA Real Asset Opportunities Fund. “We are pleased to deliver a fantastic result to our investors off the back of the sale of the Mantra Bathurst, with the Fund’s average return to investors currently sitting at an 18% per annum total IRR across a portfolio of nine assets,” Gunter said.
Despite a notable slowdown in Australia’s hotel sector, with local investment volumes down 54 percent in the first half of 2024 compared to the same period in 2023, this transaction underscores JLL’s continued commitment to facilitating high-profile real estate deals. The sale of the Mantra Bathurst Hotel reaffirms JLL’s market-leading expertise in the hotel real estate sector and its dedication to delivering exceptional outcomes for its clients.
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