PRESS reports, Friday, have confirmed that the Portsea hotel freehold has sold for $17.1 million.
The proposed sale was tipped in The News (“Overseas investor eyes on us”, 25/8/15) with owner Colonia Leisure Group national operations manager Grady Patching saying the hotel building and land was for sale – but not the business.
Computershare founder and multi-millionaire Chris Morris reportedly paid $9.3 million for the 140-year-old hotel in 1999 and his Colonial Leisure Group took full control in 2012. It will continue to run the hotel with Mr Patching stating the venue “has just had its most profitable year since Chris has owned [it]”.
A Herald Sun report says hotel baron Mazen Tabet paid $17.1 million for the peninsula icon.
First published in the Southern Peninsula News – 12 January 2016
