A Chinese investor has snapped up an outer Melbourne hotel-motel as accommodation-based opportunities continue to attract strong interest around the country.
The Sunshine Motor Inn has been owner-operated by father and son John and David Swain for the past 20 years.
It boasts a public bar, 44 accommodation rooms, Blazed Bar & Grill, a modern commercial kitchen with wood-fired pizza oven and 2-room manager’s residence.
The Swains executed an extensive modernisation of the rooms around three years ago, and the 3.5-star rating and strategic location have contributed to consistent growth since.
CBRE Hotels report strong interest in the property, netting over 70 enquiries and six offers to the Expression of Interest campaign.
Located in a fast-growing primarily industrial area, the Sunshine buyer outbid locals looking to further existing portfolios.
“This sale is further evidence of the continued interest from offshore capital, particularly south-east Asia, seeking accommodation assets at both ends of the market,” said Scott Callow, who marketed the asset with colleague Joseph Du Rieu.
“A mainland Chinese purchaser was able to secure the highly profitable business ahead of two local under-bidders, who were seeking further strong performing accommodation assets.”