Investor sells hotel with redevelopment permit to become boomer apartments
LOS ANGELES: The trend to rejuvenate hospitality properties as boomer housing has gained further traction today.
Sam Arnaout has sold a regional New South Wales motel after obtaining a permit to replace it with a nine storey residential based mixed use building.
The Ibis Budget Coffs Harbour on 3205 square metres 1A Maclean Street, a holding west of the Pacific Highway, traded to an operator with other regional interests.
Mr Arnaout, via Iris Capital, paid $2.519 million in 2021.
With 70 rooms, a restaurant, swimming pool and parking, the hotel was one of a portfolio bought in one line from AccorInvest.
A permit for a 9800 sqm building was later approved with 98 units, a mix of one, two and three bedroom apartments, and commercial components.
The property failed to sell in a public campaign in 2023.
JLL’s Greg Jeloudev, Tim Mayoh and Ben McDonald brokered the latest deal.