The deal was a long time in the making, but Jamberoo Resort has been sold for $4.4 million.
Solomon Hotels are the new owners after settlement on December 15.
The 43-room resort sits on nine acres, has a large restaurant and seven conference rooms, plus a formal wedding garden, full-sized tennis court and more.
Selling agent Matt Davidson of Tourism Property said that the deal was a long time in the making.
”The property has a long history as a wedding, function and accommodation centre and sadly fell into disrepair around 2012, with the bank lenders taking possession of the property,” he said.
“Since then, a series of renovations have been carried out, yet the business had failed to fire again and we were asked to quietly seek an exit for the new owners.
“Being off-market and without a strong established income, it’s taken close to two years to achieve this result… I’ve really got a soft spot for the place, considering Kellie and I were married there in 2002.”
Jamberoo Resort started life as Uncle Tom’s Hut in the 1960’s and was re-named Jamberoo Valley Lodge.
It is believed that the original Uncle Tom’s Hut, effectively a German restaurant and beer house, was the first venue in Australia to host an Oktoberfest celebration.
It is also claimed that the 25-metre pool was constructed in the 1970’s for the Australian Olympic swim team training camps.
In 2014, the Jamberoo Valley Resort underwent a million dollar-plus makeover, including dropping the “Valley” from its name.
READ MORE: Jamberoo Resort for sale: photos
Solomon now manages three hotels in the Illawarra region, with Jamberoo Resort joining the Sebel Kiama and Comfort Inn Fairways in their stable.
Mr Davidson said the new owners are already implementing plans to improve the business.
“Dolphin Watch Jervis Bay are already looking to increase volumes of coach tours into the resort, which will really help with mid-week occupancy,” he said.
“The new owners will complete the renovations to the conference rooms and re-establish what was a very successful wedding and conference market.”
Overall, Mr Davidson said hotels and motels are tightly held, as the underlying property fundamentals are generally strong.
“The second half of 2017 has seen a reduced number of tourism properties on the market in NSW while buyer numbers are growing, so this increased competition for properties certainly helps with these more complex deals,” he said.
“We continue to see increased demand from investors pushing into regional markets to achieve the yields not available in capital cities.”