Providence Independent Investment Advisory and Mandala Asset Solutions Arrange Off-Market Purchase of Clarion Mackay Marina
Announcement posted by Providence Independent Investment Advisory 23 Sep 2019
A syndicate of high net worth investors has just completed its purchase of the property formerly known as the Clarion Mackay Marina for $8.75m.
Sydney, Tuesday 24th September 2019
A syndicate of high net worth investors has just completed its purchase of the property formerly
known as the Clarion Mackay Marina for $8.75m. The high quality 79 room motel and function
centre enjoys a centre stage in the marina district of Mackay with sweeping sea views. Attractive to
both business and leisure guests, the property is one of the premier properties in Mackay.
The property was purchased off‐market via a Special Purpose Vehicle within the Trinity
Accommodation Regional Hospitality Fund. The transaction was arranged by Providence
Independent Investment Advisors and Mandala Asset Solutions in conjunction with Infin8. The
brokers for the deal were ResortBrokers.
Mandala and Providence have been working together for a couple of years identifying potential
investment opportunities in the regional motel sector. “We are attracted to the sector given the
non‐correlated nature of the assets along with the ability to enhance income through professional
management" said Grant Patterson CEO Providence. Mandala are very experienced in this sector
and we were attracted to outlook for the region and their ability to add value to the asset.
The sale of the property to Mandala is expected to utilize the manager’s track record in enhancing
the property through upgrades, rebranding and product repositioning. “We are delighted to be able
to work with Providence on such a prestigious regional asset.” said John Zeckendorf, Principal of
Mandala.
Grant Patterson of Providence was pleased with the majority stake, noting the potential value add
this investment may return for Providence’s high net worth clients, in line with the strong track
record of Mandala.
-ENDS-
Further inquiries can be directed to:
Grant Patterson ‐ CEO, Providence Independent Investment Advisors,
grant@providencewealth.com.au, Phone: 0411 883 847
John Zeckendorf ‐ Principal, Mandala Asset Solutions
jz@mandala.net.au, Phone: 0407 915 188