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Case Study

Crest Hotel, Kings Cross - Successful hybrid asset transaction utilising JLL's extensive networking capabilities

Our client was an ASX listed entity specialising in industrial, commercial and residential development who found themselves with an operating hotel as a non-core asset. They unsuccessfully attempted to divest the hotel which continued to represent substantial balance sheet impairment.
 
By utilising the expertise of the accommodation, pubs and development divisions we were able to engage a wide range of different prospective purchasers and operators with the asset and facilitate an understanding of the value-add opportunities presented by the varying property components of this hybrid asset.
 
Offers were generated from all the core target groups – publicans, hotel operators and developers - and the asset was sold for $65 million on an unconditional basis within 8 weeks of appointment.

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