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Case Study

Gilmores Hotel, Coniston - Keenly contested Closed Tender campaign with exceptional result

The Vendors and stakeholders of the Gilmores Hotel required a definitive outcome after an unsuccessful marketing campaign. The hotel required significant renovation, refurbishment and reconfiguration and had extensive unfinished building works.
 
Jones Lang LaSalle’s Hotels & Hospitality Group were appointed to market the sale of the asset. Given the significant reconfiguration and rectification works, it was considered that prospective purchasers may have different yield applications, investment criteria and pricing metrics. Subsequently, we recommended Closed Tender as the best method of sale. This would ensure purchasers remained focused and committed on the asset without any transparency around competitor bids. To overcome barriers to purchase and achieve the highest possible price, our team engaged several builders to quote on the rectification works and this gave the prospective purchasers some certainty around costing.
 
The Closed Tender campaign was keenly contested and yielded five offers to purchase. These offers were of varied prices with varying conditionality. Three of the five offers were shortlisted into a ‘best and final’ second round with certainty of a transaction being offered at $6.0m. The pub was unconditionally exchanged prior to the closing of the second round​

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