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Case Study

Alfred Hotel, Sydney - Process management for optimum outcomes

Solotel Hotel Group, one of Sydney premier, largest privately owned hotel groups, determined they were going to sell a smaller non-core asset in the Alfred Hotel. The group was concerned that the public sale of the asset would create a perception of distress, and most hotel auction sales were failing in the current climate.
 
Jones Lang LaSalle believed strongly that both the price point of the hotel, its strategic location and its proven trading history suggested that it would be a relatively easy hotel to value and for purchasers to secure debt for acquisition. Having ticked these two conditions precedent, inevitably the key elements that determine a purchaser’s ability to bid at auction, the asset was offered for public auction but with the statement of “if not sold prior”. Competitive tension was created between both new entrants to the hotel industry and existing publicans with a comprehensive due diligence pack assisting with the swift valuation for funding requirements for all targets.
 
Competitive tension was maximised prior to auction. With the early preparation of Contracts of Sale and distribution to prospective parties, and aggressive encouragement of purchaser focus, the hotel was sold 48 hours prior to auction at well above reserve price.  ​

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