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Case Study

Toxteth Hotel, Glebe - The value of real agency thinking

Situation
 
Our client Murphy Hotel Management, due to financial and other reasons, required the swift sale of the Toxteth Hotel, Glebe. It was particularly important that the sale was not marketed publicly, to both protect the business and more so to dispel any rumour that there was financial/debt motivation for vendor disposal. The assets trading tend was declining sharply and the property was in need of significant Capex.
 
Initiatives
 
Jones Lang LaSalle's Hotels & Hospitality Group recommended a ‘Selected Invitation-only EOI’ process and collated a list of the 12 most qualified best-fit buyers with the access to equity and debt to swiftly complete a transaction. A due diligence pack was developed and each buyer was approached and provided the opportunity to participate in the process. This attached the perception of a ‘premium opportunity’ to the invited prospects and generated a level of ‘cut-out’ and focus on the asset away from the noise and general asset disposal distress in the marketplace.
 
Results
 
Of the twelve invited prospects all inspected the asset and six Expressions of Interest were received – that’s 50% of the qualified prospects approached submitted offers. After a two-stage short-listing process contracts were exchanged with the Carnegie Wylie Pub Fund at a robust yield, in a 6 week time frame. The vendors were exceedingly happy with the outcome.

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