Couple flips rundown Maroochydore hotel into Insta-famous property and sells for $4m
A rundown motel converted into an Insta-famous hotel has sold at a major profit, sight unseen to a Sydney investor. See the before and after photos.
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A couple who converted a rundown motel into an Insta-famous hotel have made a major profit after the Bradman Avenue property sold sight unseen to a Sydney investor for $4m.
The Loea Boutique Hotel at 361 Bradman Avenue, Maroochydore sold through CBRE Hotels about two years after it was bought by the couple.
United Kingdom expats Andrew and Lucy Pink gave the property a new lease on life and transformed the outdated brick building into a postcard worthy hotel.
The hotel came with 10 suites, a magnesium swimming pool and was surrounded by a garden and seating area with its own cafe and van.
CBRE Hotels agent Hayley Manvell said there were more than 150 inquiries for the property.
She could not disclose who the Sydney investor was until the sale settled in late October.
However, she said they had no plans to change the hotel.
“It is operating exceptionally well and the Sunshine Coast, and Queensland is the place to be,” Ms Manvell said.
“The number of buyer inquiries demonstrates the incredible demand for boutique hotel assets in popular coastal markets.
“The fact that the hotel was purchased sight unseen is a sign of the times amid Covid-19 lockdowns and border closures, with the speed of the sale demonstrating that this hasn’t dampened investor sentiment or interstate buying activity.
“Our biggest challenge is getting stock, with investors lining up for similar investment opportunities.”
CoreLogic data showed the couple paid $1m for the property formerly known as Riverpark Maroochy Motel in July 2019.
Mrs Pink described the original property as a “gem” that just needed a ”new lease on life”.
“It had such great bones to the building and we instantly fell in love,” Mrs Pink told the Sunshine Coast Daily last year.
The Pinks were approached for comment on the sale.
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