The Sebel Harbourside hotel in Kiama has finally changed hands after more than 12 months since an expression of interest was opened for buyers.
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The site – which includes the Blue Diamond Bar and Grill, One Fitness, and 1871 restaurant – was acquired by an international hotel company for what’s believed to be a figure well above $10 million.
Selling agent Matt Davidson of Wollongong based Tourism Property said it was quite a “complex” transaction.
The deal included eight commercial strata lots for the food, beverage and conference business; the hotel management rights; the 24 hour commercial gym and 52 of the 88 strata titled serviced apartments.
Mr Davidson said immediate plans for the hotel were to maintain it as it is and develop an ongoing refurbishment plan, while local zoning ensured the property would remain a hotel.