Flight Centre boss Graham Turner has expanded his private $70 million-plus Spicers Group portfolio with the acquisition of the high-end Sangoma boutique resort in the Blue Mountains.
It is the Spicers group's third purchase in NSW in 2014, which included the Victoria Court Hotel in Sydney's Potts, which was bought for about $5.9 million in September. Overall the group now owns nine high end boutique assets, with six in Queensland and the remainder in NSW.
Mr Turner and his wife, Jude, have said they are focussed on the niche weekend retreat and smaller hotel market, of which the Sangoma Retreat is one, located on large boulders in Bowen Mountain.
No price was disclosed but it is understood that the sale price would reflect close to $1 million per suite, being a record for retreat/resort style properties in the country.
An initial value of about $6 million was suggested when the site, which has living premises, or a manager's residence, and five suites, was first offered for sale.
Paul Kapiris from CBRE Hotels said the property was sold within two weeks of the close of the expressions of interest campaign.
Mr Kapiris said the property was considered a bellwether for other sales of boutique hotels and leisure property assets.
"There was a diverse range of interested parties for the property, at a time in the tourism market, where people like a weekend away but are still close enough to home in case of any emergencies," Mr Kapiris said.
"There are a number of similar properties, that we are anticipating will come onto the market, on the strength of the Sangoma sale."
"We are delighted to be introducing Sangoma Retreat to the Spicers Retreats collection," Mrs Turner said.
"This will be our third property in NSW along with Spicers Vineyards Estate in the Hunter Valley and our exciting hotel project which is taking shape in Sydney at Potts Point."
Mrs Turner said the previous owners Michael Podles and Zenga Butler have done a "fantastic job at creating such a beautiful product".
"Sangoma Retreat fits perfectly with the Spicers mantra of "relaxed luxury" and we are pleased to now have secured what we believe to be one of the best luxury retreats in NSW, if not the country," she said.
Sangoma Retreat spans 10 acres of bushland only 70 minutes from Sydney CBD and has been fully certified by ECO Tourism Australia.
"Undoubtedly one of Australia's finest luxury retreats, Sangoma Retreat attracted significant interest from a wide range of investor groups. Some of Australia's best known hospitality investors strongly considered the investment," Mr Kapiris said.
"Investors were particularly keen on the location of the property, around an hour from Sydney, and the potential for further development of the property to capitalise on the current strong demand from clientele, which has resulted in the property being booked out for months in advance, and room rates of over $1100 a night."
Mr Kapiris added the sale was another example of the wide-reaching and strong client relationships that CBRE Hotels had developed with some of the industry's key hotel investors, owners and operators.
"The high end boutique hotel market is dominated by high net worth investors. Recent transactions in addition to this year's Spicers deals include the sale by CBRE Hotels of Tower Estate in the Hunter Valley to Michael Hope."
