Overseas investors keep their eyes on Wollongong with an international hotel group snapping up the Comfort Inn Fairways at Port Kembla Golf Club for $5.15 million.
The deal was secured by the newly established Wollongong based agency Tourism Property, the brainchild of former Destination Wollongong chairman Matt Davidson.
“Wollongong is a property investment hot spot and freehold motels are a rare commodity,” Mr Davidson said.
“There’s so much business to be had from [overseas visitor] tour groups.”
The incoming owner for Comfort Inn Fairways will take possession in December with plans to improve the business, particularly with international golf tour groups.
"Tourism asset transactions are so completely different to typical real estate work,” Mr Davidson said.
"Tourism assets are often among the most valuable businesses in any city."