Hospitality fund manager Salter Brothers has bolstered its portfolio of luxury coastal retreats after snapping up Bannisters hotels in Port Stephens and Mollymook for over $100 million. Login or signup to continue reading The properties comprise the 34-room hotel, Bannisters by the Sea and the 33-room establishment, Bannisters Pavilion, in Mollymook, as well as Bannisters Port Stephens, which has 78 guest rooms. The hotel complexes feature famous seafood restaurants operated by celebrity UK chef Rick Stein in addition to a number of pubs, bars and spas.
"The drive market is what we are targeting [for this fund]," Salter Brothers managing director Paul Salter said. "These hotels trade in the high 90 per cent occupancy range, sometimes even at 100 per cent. They are great assets that trade really well.
They are popular as romantic getaways, for staycations and for weddings and events." Bannisters was founded in 2003 by media entrepreneur Peter Cosgrove when he opened his first hotel, Bannisters by the Sea, in Mollymook after renovating an old motel. Mr Salter said the current supply of new hotel accommodation was being hampered by rising construction costs, particularly for luxury venues in regional locations.
"These are distinct assets positioned in unrepeatable ocean-view settings and boast a reputation of consistently achieving high occupancy levels," he said. It is understood the Rick Stein seafood restaurants would continue to operate under the new Salter Brothers ownershi.