Local vendors have listed the Quest Yelverton Kalgoorlie Hotel for sale with a price expectation of circa $7 million.
Hotel demand fell 2.0% in January, while short-term rental demand rose 1.3%. Despite taking share from hotels, increasing supply has created occupancy headwinds for short term rentals causing RevPAR to contract 6.6%.
The hotel is within a short walk of all major attractions in Liverpool city centre including Liverpool One and The Royal Albert Dock along with a wide range of bars and restaurants.
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The Property has received multiple totally unique entitlements including the right to build 62 bedrooms, the most of any Property in Litchfield County and granted outdoor tented use, which competing hospitality offerings may not. These rights make Wykeham a one-of-a-kind development opportunity.
The hotel is operated by Marriott but can be delivered free of management with a long term franchise agreement for various Marriott brands including Marriott, Four Points or Delta.
The property is located off Highway 82, nestled among Texas Tech University, South Plains Mall, and United Supermarkets Arena, Lubbock Christian University, UMC Health System, and several restaurants and recreation area.
For most U.S. hotel owners and operators, one of the major challenges in 2023 has been the need to control expenses amidst slowing revenue growth. Through September of 2023, the properties in CBRE's monthly survey of hotel operating statements have seen their total operating revenues increase by 7.4% year-over-year, while total operating expenses grew by 10.0% during the same period. The net result was a decline in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of 0.2%.
The property opened its doors in early 2021 following a significant refurbishment before gaining recognition as Australia's sole entry in Condé Nast Traveller's 'The Hot List 2021 - Best New Hotels' worldwide.
The hotel sits on a 9,448sqm site and consists of 214 keys across the configurations of 181 hotel rooms, 30 dual key apartments, two suites and one penthouse.