The prominent Royal Coach Hotel has been strategically bought by Prince Alfred College, banking a long-term development opportunity.
Vendors Hospitality Investments P/L and McCracken Kent Town P/L have divested the three-storey city-fringe Hotel, which features a bar, the Terrace Restaurant, conference and function facilities, 49 guest rooms offering 24-hour room service, an indoor swimming pool and sauna, and onsite parking.
It is just minutes from the Adelaide CBD, opposite the location of the Adelaide Fringe Festival and a short walk to Adelaide Oval, on Dequetteville Terrace – part of the world-famous Clipsal 500 street race.
An international EOI campaign was executed through JLL Hotels, which Mathew George, JLL Vice President – Investment Sales, relayed attracted “strong levels of enquiry from around the country and throughout Asia”.
But the winning bidder in the end was the prestigious Prince Alfred College immediately next door, already entertaining existing development plans, now adding the sizeable Hotel to its reservoir of opportunities for an undisclosed sum.
Although the ambitious College will reportedly continue the Royal Coach’s current operations and management for the “foreseeable future” headmaster Bradley Fenner told The Advertiser it was a “very strategic purchase” for them.
Providing ongoing revenue plus the development potential, JLL vice-president Peter Harper suggests the prominent 2,590 m² property is a sound investment for the College in its own right in the current marketplace.
“Adelaide is fast becoming another market of significant interest to global hotel investors, driven by considerable public infrastructure investment and private development, together with the efforts of the South Australian Tourism Commission who have successfully showcased its world-class offerings to a truly global audience.”
