29 Jan 2024
Words The Hotel Conversation

Grand Pacific Hotel Wollongong development for sale with ResortBrokers

ResortBrokers has been engaged to sell Grand Pacific Hotel Wollongong, a new 96-room upscale hotel currently under construction in the heart of Wollongong’s CBD. Grand Pacific Hotel Wollongong for sale by ResortBrokers Managing Director Trudy Crooks, who is handling the sale in conjunction with Director Tim Crooks and Greater Sydney Broker Tim Mayoh.

Due for completion in Q1/Q2 2025, the hotel is set to capitalise on Wollongong’s renewed appeal as a business and leisure destination following its dramatic reinvention over the last decade.

With double street frontage along two of Wollongong’s most prominent throughfares, Young Street and Belmore Street, the six-storey Grand Pacific Hotel Wollongong will be by far the city’s most luxurious and expansive layout reminiscent of iconic Australian hotels of the 1980s, which incorporated plentiful, free-flowing space.

To build the hotel, the financier steering the development has commissioned a reputable new building team, Advanced Constructions Pty Ltd, to complete the construction. Wollongong-based Advanced Constructions has been behind multiple successful projects in the Illawarra region and greater NSW since its inception in 2007.

“We’ve already received proposals from several hotel groups who are vying to operate this remarkable hotel for a savvy investor,” says ResortBrokers Managing Director Trudy Crooks, who is handling the sale in conjunction with Director Tim Crooks and Greater Sydney Broker Tim Mayoh.

“Due to this unprecedented high demand, some of these operators are willing to offer performance underwriting, which is extremely rare and highlights their confidence in the performance of this incredible asset as well as providing the investor with security around income during the hotel’s first three years of operation while it becomes established.”

“Operators are eager for this top-shelf opportunity because it’s unlikely we’ll see a hotel of this size and calibre get off the ground in the foreseeable future. Climbing construction costs, ongoing supply chain challenges and rising borrowing expenses are huge barriers to entry for purpose-built accommodation assets, which is why we’re seeing so few new ones across the country.

Grand Pacific Hotel Wollongong will be one of the few purpose-built hotels to be completed in the next few years. Add to that the sheer lack of available build sites in central Wollongong and it makes this hotel one of a kind.”

“You can see how well Wollongong is going by how strongly the accommodation sector is trading,” adds Mayoh. “Everyone wants to get into Wollongong now. Grand Pacific Hotel Wollongong will be the epitome of the city’s astonishing transformation. We’ve already seen a huge level of interest in this offering and it’s easy to see why. There’s simply no other hotel development like it in Wollongong.”

Trudy Crooks, Managing Director
0477 882 210
trudy@resortbrokers.com.au

Tim Crooks, Director
0417 544 562
tim@resortbrokers.com.au

Tim Mayoh
Broker, Greater Sydney
tim.m@resortbrokers.com.au
0419 038 882