Facilimate Hotels buys Mackay Coral Cay Resort
Mackay's Coral Cay Resort has been purchased by West Australian-based Facilimate Hotels.
Located on a large 9,148 square metres site, the hotel at 14-18 Nebo Road comprises 82 one, two and three bedroom apartments, a restaurant, two meeting rooms, a swimming pool, gymnasium, manager's residence and outdoor car parking.
The sale is evidence that investor sentiment is on the rise in Mackay market, showing signs of recovery following recent mining project approvals, said Managing Director of Facilimate Hotels, Stephen Lauder.
"With the hotel situated between our Brisbane and Cairns hotels, we identified synergies in adding the asset to our portfolio and increasing our footprint in the Queensland market," Lauder.
This ideal represents the group's third purchase in Queensland, following its acquisition of the Pacific Hotel Cairns and Urban Hotel Brisbane.
It boosts its portfolio of owned and operated assets to six across the ACT, Western Australia and Queensland.
The sale was by embattled fund manager Blue Sky which took a capital loss of about $6 million after Facilitate paid about $10 million.
Blue Sky Residential Asset Managers, an unlisted fund that comes under the umbrella of ASX-listed Blue Sky Alternative Investments Limited, paid $16 millio in May 2013.
