Monday, July 9, 2012

Accommodation chain goes up for sale

Those that wish to enter the accommodation game in a big way have the opportunity to get instant gratification by purchasing the SilverOaks group of motels and hotels that include:

* Oakwood Manor (53 Rooms)
* SilverOaks Inn Silver Point (35 Rooms)

* SilverOaks Hotel Geyserland (68 Rooms)
* Gwendoline Motor Lodge (18 Rooms)
* SilverOaks Resort Heritage (41 Rooms)

* SilverOaks Hotel On Thorndon (64 Rooms)

With six properties, the SilverOaks group is believed to be the second largest privately-owned portfolio of large accommodation providers in New Zealand after the Scenic Circle group (17 hotels).

The owners are selling-up to retire after 40 years in the hospitality industry. 

If these properties were on a Monopoly board, they would offer a similar attraction to purchasing the set of Whitechapel Road and Old Kent Road. Comments from property agents Bayleys are not overstating the sales proposition:
"...most of the hotels were in a fairly 'tired' stage of their lives and varying degrees of investment would be needed to restore them to former glories as well as modern interior d├ęcor - in the bedrooms and communal areas....the vendors' price expectations would reflect this."
We posted last year about a fellow blogger's experience at the SilverOaks property in Wellington:
"In her revealing post she rattles off a shopping list of the hotel's inadequacies including a smelly room, a tap that wouldn't turn off, a moldy bathroom, missing TV remotes, no milk or cups, no minibar and a suspicion that that the bed linen may not have been changed since the last hapless occupant. Ewww!"
Hopefully a buyer can be found that can direct either a bulldozer or substantial refurbishment dollars at the portfolio.

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