Iconic Mayfair Hotel hits market with $90m price hopes
It’s long been regarded as an architectural icon of Adelaide’s skyline and one of Australia’s most well-known and established hotels.
But beauty alone has done little to secure its future with property funds manager Elanor, with the Mayfair Hotel Adelaide set to be sold for a cool $90m.
The national investors group has been unable to offload hotels in its troubled hospitality vehicle, originally planning to sell the entire portfolio of Elanor hotels to one major party.
The deal, however, collapsed, after US investment firms KSL, KKR and Blackstone walked away some weeks ago, sources said.
Instead, the piecemeal divestment of the 17 hotels and resorts, located across Australia’s capital cities and regional locations, continues apace with five assets now being marketed via individual sales campaigns through Real Estate firm JLL.
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Adelaide’s Mayfair Hotel has been listed for sale with price hopes of around $90m.
The 170-room hotel in a state-heritage listed 1934 Neo-Romanesque building.
Properties to be sold include Adelaide’s Mayfair Hotel, Peppers Cradle Mountain Lodge in Tasmania, Parklands Resort Mudgee in NSW’s central West, Panorama Retreat and Resort in Kalorama, Victoria, and Byron Bay Hotel and Apartments in northern NSW with a combined value of more than $230m.
According to The Australian, The Mayfair Hotel has so far been the most sought after asset, with Mark Bullock, head of acquisitions and co-founder of Ark Capital Partners, the most interested party, several sources said.
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One of the hotel rooms.
The most recently disclosed book value of the Mayfair Hotel was $91.5m in early 2024, the Cradle Mountain Lodge was valued at $80m, Parklands Resort Mudgee came in at $24m, the Panorama Retreat at $10m and the Byron Bay Hotel and Apartments at $36m.
Located in a prime position at the intersection of King William Street and Hindley Street, the Mayfair Hotel comprises 170-rooms in a state-heritage listed 1934 Neo-Romanesque building.
Known for both its popular Hennessy Rooftop Bar, as well as the Mayflower Restaurant, the hotel features an array of public spaces that also include meetings and event space.
The hotel is being offered for sale as vacant possession.
Tasmania’s iconic Peppers Cradle Mountain Lodge has also been listed for sale.
“The Mayfair Hotel represents a genuine one of a kind and is a quite unique opportunity to acquire a landmark asset in one of Australia’s fastest-growing capital cities,” Managing Director and Head of Investment Sales Australasia at JLL, Peter Harper said.
“Its unique architectural design, prime location, and solid financial performance make it an attractive proposition for investors looking to capitalise on Adelaide’s growing tourism and business sectors.”
