THE SilverOaks Hotel on Thorndon, the former Sharella Motor Inn on Glenmore St, Thorndon, is being sold with seven other hotels in Auckland, Hamilton and Rotorua.
The 72-room hotel, opposite the main entrance to the Botanic Gardens, was opened in 1972 by Gerald and Lorraine Shapiro.
It was sold in 1996 to Dennis and Dawn Wilson, who added it to their family-owned SilverOaks chain of 3.5 to 4-star hotels.
Colliers International agent Rosemary Bradford said they had decided it was time to sell.
‘‘As they have just celebrated their 50th wedding anniversary, they are thinking of retirement and handing over the business to a new owner to take it forward to the next level,’’ said Ms Bradford.
‘‘They would like the new owners to get the benefit of strong advance Rugby World Cup bookings. Already 2011 is shaping up to be a lucrative year, with the Rugby World Cup driving advance bookings to unprecedented high levels for this period, and the hotels should provide a very solid income flow for the new owners in their first year of ownership.’’ They were in excellent North Island locations and on arterial routes.
They offered 406 beds in a mix of rooms and suites, a range of conference facilities and other amenities, including swimming pools in many locations.
All the hotels were well operated and had traded for many years.
‘‘In the current market environment, investors are focused on offerings like this,’’ Ms Bradford said. The market can best be described as cautious, seeking proven fundamentals from property investments: cashflow, income security and yield.
Some of the hotels had land available for further development and some were due for refurbishment, which would enable a new owner to put up their own brand, Ms Bradford said.
The chain included three hotels in Rotorua – the 66-room SilverOaks Hotel Geyserland, the Gwendoline Motor Inn at 361 Fenton St, near the Maori Arts and Crafts centre and the 41-unit SilverOaks Resort Heritage at 347 Fenton St.
Four Rotorua residential were also in the portfolio.
Other properties being sold are Hamilton’s 51-unit Ambassador Motor Inn at 92 Ulster St, Whitiora, the 55-unit Oakwood Manor Motor Lodge at 610 Massey Rd, Mangere, the 35-unit SilverOaks Inn Silver Point at 138 McKenzie Rd, Mangere Bridge, and the 68-unit SilverOaks Inn Manukau at 477 Great South Rd.
The properties are being offered individually or collectively by deadline private treaty closing on March 23.
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