Old Adelaide hotel a $15m stunner
A gorgeous boutique heritage hotel in the Adelaide CBD is on the market, with interested expected above $15 million.
The Adabco Hotel, in the city’s east end, occupies a 19th century gothic-style building at 219-223 Wakefield St, and has been substantially renovated.
It features 69 rooms, with agents saying there is potential to expand the number of suites, as well as the hotel’s food and beverage operations.
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The hotel is currently managed by 1834 Hotels and recently acquired a liquor licence, which could facilitate an increase in function activity.
CBRE’s Scott Callow has been appointed to market the hotel and says there will be no shortage of suitors for it.
“We anticipate there will be multiple buyers from the broader Australian market, as well as overseas groups looking to build on their Australian operations,” Callow says.
Adelaide’s hotels market has experienced strong growth, largely driven by the cities growing sport and event calendar which is attracting domestic and international travelers, and I expect prospective purchasers will be keen to capitalise on these tourism fundamentals.”
“Additionally, the prospect of strong business growth through the building’s potential to add further accommodation and its recently acquired liquor licence, are likely to be key drivers of interest.”
In addition to the accommodation, the Adabco features a rooftop deck, meeting and conference spaces and secure on-site parking.
It is for sale through expressions of interest, which close on June 7.