Victoria's Silverwater Resort sold to Pentagon Group Hotels through CBRE Hotels’ Scott Callow and Wayne Bunz.
Melbourne’s Pentagon Group Hotels has expanded its portfolio by acquiring the management rights and more than half of the apartments in Victoria’s Silverwater Resort.
CBRE Hotels’ Scott Callow and Wayne Bunz managed the sale, which involves one of the state’s largest regional integrated leisure and conference facilities.
Located just over an hour from Melbourne on the San Remo coastline, the 8.5-hectare property offers panoramic views across to Phillip Island.
Included in the sale were 88 apartments and the respective business operations and resort management rights for a total of 172 keys.
Source: CBRE
The resort also includes six conference and meeting facilities with a capacity for up to 500 delegates, food and beverage facilities, heated indoor and outdoor swimming pools, sports courts and a children’s playground.
Mr Bunz told WILLIAMS MEDIA that Australian assets had historically proven to be a safe haven for investors in uncertain times.
"With the current volatility in the stock market, we believe more clients will seek to invest in real estate," he said.
"We expect resorts like this will experience pent up demand as Australians are faced with the challenges of travelling abroad at this time."
Source: CBRE
Pentagon Group is a property investment and development business specialising in the residential, hotel and commercial sectors.
The Silverwater acquisition follows the group’s June acquisition of EBC Hotel & Leisure Fund's Tasmanian hotel portfolio comprising the Old Tudor Hotel in Launceston, The Bayside Inn in St Helens and the Foreshore Tavern on the outskirts of Hobart
Pentagon Group Managing Director Vijan Patel said the Silverwater Resort had the ability to attract large groups and function-related clientele and that the company was looking forward to "further driving that aspect of the business".
Phillip Island is well recognised for its natural attractions such as the Penguin Parade and popular surf beaches.
It is also home to the Phillip Island Racetrack that hosts the World Superbikes and Moto GP and the Australian V8 Supercars.
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