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The NRL has vowed to invest a further $250 million in revenue-generating assets after purchasing a hotel adjacent to Cronulla\u2019s home ground for an estimated $20 million.<\/p>\n
The Australian Rugby League Commission announced on Tuesday the acquisition of the Quest Woolooware Bay Hotel, 14 months after it bought Brisbane\u2019s Gambaro Hotel on Caxton Street for a reported $30 million.<\/p>\n
There was no price disclosed for the latest investment, a strata hotel set over three floors with up to 71 rooms situated on Captain Cook Drive. However, market estimates value the hotel, which is scheduled to commence operations in late October, at $20 million.<\/p>\n
\u201cWhat became obviously clear during Covid was that we were on the cliff\u2019s edge because we had no assets,\u201d said ARLC chairman Peter V\u2019landys.<\/p>\n
\u201cIf ever there is another crisis like Covid, we need to be better prepared. Having an asset base is crucial. It\u2019s not a nice-to-have, it\u2019s a must-have.<\/p>\n
\u201cStrategically, [Woolooware] has a lot of benefits, it\u2019s next to Shark Park. It\u2019s a massive growing area, there\u2019s not much accommodation in the area. The best thing about it is it has a long-term lease with Quest, so we don\u2019t have to do anything, we let the building appreciate in value whilst receiving money off a blue-chip client.\u201d<\/p>\n
V\u2019landys revealed that $300 million would be set aside to purchase assets after striking an agreement with the Rugby League Players\u2019 Association.<\/p>\n
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The Australian Rugby League Commission (ARLC) has purchased the\u00a0newly built Quest Woolooware Bay, Sydney.<\/span><\/p>\n \u201cThere is more to come,\u201d V\u2019landys said. \u201cOne of the gestures of the RLPA, which I appreciated, was they allowed us in the CBA to future-proof the game by getting $300 million worth of assets before they shared in any gains.<\/p>\n \u201cI want to compliment the RLPA and the players for agreeing to that. That is one of the great concessions they provided during the negotiations. We are in partnership with the players in future-proofing the game.<\/p>\n \u201cThere are a number of other assets we have an eye on. We will build up $300 million, so if there is a good proposition, we will look at it. We did our due diligence on this one and Gambaro has already been a success and will only get better.\u201d<\/p>\n CBRE\u2019s Michael Simpson and Vasso Zographou brokered the Woolooware sale on behalf of property group Novm.<\/p>\n \u201cThis acquisition represents an astute purchase by the Australian Rugby League Commission as it continues to grow its property portfolio,\u201d Simpson said.<\/p>\n \u201cThe hotel is adjacent to the Cronulla-Sutherland Sharks home ground PointsBet Stadium and is part of the $1 billion Woolooware Bay Town Centre mixed-use development. This was a demand driver in the sale, as well as the distance to Cronulla beach.\u201d<\/p>\n Stream the NRL Premiership 2023 live and free on <\/b>9Now<\/b>.<\/b><\/p>\n Sports news, results and expert commentary. <\/i><\/b>Sign up for our Sport newsletter<\/i><\/b>.<\/i><\/b><\/p>\nMost Viewed in Sport<\/h2>\n
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