Laundy Group eyes North Coast expansion

The Laundy Hotel Group has snapped up the Mercure Centro Hotel in Port Macquarie for a reported $25 million as it looks to expand its North Coast portfolio.

The 4.5 star corporate hotel, located in Port Macquarie’s commercial, retail and entertainment precinct, was sold off market by HLF Pty Ltd through HTL Property.

The Laundys have been active on the NSW North Coast over the past year, purchasing the Lennox Hotel at Lennox Head for more than $40 million and the Illawong Hotel at Evans Head for $15 million.

“Anything north we’ll look at,” Laundy Hotel Group CEO Stu Laundy told The Australian Financial Review. “We’ll leave the [NSW] South Coast to Justin [Hemmes]. We think the North Coast is sensational.”

The family has other beachside accommodation including the Sofitel in Queensland’s Noosa as well as properties including the Crowne Plaza Terrigal on the NSW central coast and the Novotel Manly.

The Port Macquarie property has been managed by hotel giant Accor since its opening in 2007. The 72-room hotel, constructed over five levels, features an extensive restaurant and bar, rooftop leisure area, expansive conference space, swimming pool and day spa, as well as two retail outlets on the ground floor.

The Laundy Group has teamed up with local hospitality group Flowers Hotels, which operates the Settlers Inn Hotel and Fernhill Tavern in Port Macquarie. They will continue to run the property under a franchise agreement with Accor Hotels, which has been in place since the hotel’s opening in 2007.

“Whilst not housed in the same equity structure as our other beachside accommodation assets in Noosa, Manly and Terrigal; this coastal property intersects perfectly with our national investment objectives, and adds deftly to the growing portfolio,” said Laundy.

“This hotel has an unbelievable rooftop level, which we are not sure has been utilised to its full capacity. We might do something flash with it.”

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Categories: Property