The latest new face on the Maroochydore accommodation scene may be one investor’s chance to get a foot in the door of the Sunshine Coast leisure market.
The “Insta-famous” Loea Boutique Hotel has been listed for sale just over a year after its launch in late May 2020.
CBRE Hotels’ Hayley Manvell has been appointed as the exclusive marketing agent for the property – a reimagining of the former Riverpark Maroochy Motel on Bradman Avenue, just south of Fishermans Road.
Andrew and Lucy Pink relocated to the Sunshine Coast from the UK and saw a business opportunity to fill a gap in the market for boutique hotel-style accommodation.
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“Lucy and I had a strong vision for the hotel from the outset,” Mr Pink said in an earlier interview with Sunshine Coast News.
“We knew we wanted it to be a calm and inviting space.”
The hotel features 10 luxurious suites on a soft white colour palette, with locally sourced rattan furniture, brass fixtures and luxury bed linen.
The property also boasts a magnesium swimming pool surrounded by a communal garden and seating area, a reception and café housed within a vintage on-site van, and cruiser bikes to take advantage of the Maroochy Riverfront pathway.
A current manager’s residence is on-site and also could be placed into the letting pool for hotel guests if not required.
The hotel, on a 1376 sq m freehold site, is being offered for sale via an expressions of interest campaign closing on August 5, unless sold prior. A source says it is expected to fetch in the vicinity of $4million.
“The property has fast become one of Queensland’s hottest new hotels, having featured in a number of design and travel magazines while capturing the eye of a growing number of social media influencers,” Ms Manvell said.
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“CBRE Hotels’ recent sale of the Bower Byron Bay for over $15,000,000, translating to $535,000 per room, has demonstrated the incredible performance and demand for these styles of boutique assets in popular coastal markets.
“The asset is essentially a ‘rooms department’ only and, given the limited amenities/facilities and low-wage costs, it delivers exceptional profit margins, superior to the more traditional, full-service hotel model.
“The hotel is operated by on-site managers and is an attractive-sized investment for an incoming owner-operator or an investor, with the flexibility to retain the current management team.”
Mr Pink said previously that the hotel had been incredibly well-supported by Queenslanders taking a staycation, but also attracting a broad range of guests – from businesspeople to couples looking for a romantic overnight visit and girls’ weekends away.
“When we opened, state borders were firmly shut. People were definitely anxious to travel at first but we very quickly built momentum and have had bumper occupancy rates ever since,” he said.
“Since we opened, we have had an average occupancy of over 78%, which is way beyond what we predicted – especially during such uncertain times.”
The owners did not disclose the reason for the sale.
