Jones Lang LaSalle Hotels has arranged the sale of the Novotel Launceston for A$12.25 million. The 4 star property was sold on behalf of Thakral Holdings to hotel owner/operator the Doherty family, prior to the new year. The property was sold with vacant possession and will be renamed the Launceston International.
“The sale will be beneficial to Launceston and Tasmania as a whole as the new owners plan to develop a major international convention centre adjoining the hotel, plus new food and beverage facilities,” said Geordie Clark, Executive Vice President, Jones Lang LaSalle Hotels who negotiated the sale.
The 168-room property is centrally located in Launceston`s central business district and is regarded as Launceston`s finest hotel. Mr Doherty is planning to spend in the vicinity of A$5 million on a major refurbishment of the property and will manage the hotel through his company Summit Hotels Pty Ltd.
“The hotel filled the `missing link` in the family`s Tasmanian hotel portfolio, which includes properties in Hobart and Queenstown,” continued Mr Clark. The family recently divested of its sole Sydney asset, the Hawkesbury Lodge and Rum Corps Convention Centre, located in Sydney`s north-west.
The Launceston property was developed for A$26 million in 1989 by Launceston entrepreneur Mr Robert Hosken. Thakral Holdings purchased the property in 1993 for approximately A$9 million and subsequently appointed Accor Asia Pacific Corporation as operators.