One of Hamilton’s largest accommodation and property holdings is up for grabs as the 66-unit Alcamo Hotel goes on the market brimming with options for new owners.
The high-profile property fronts Ulster Street on a key corridor of visitor accommodation just north of the city centre and within easy reach of Waikato Hospital, FMG Stadium Waikato, and Claudelands Events Centre.
The site comprises a duo of accommodation complexes on two adjoining properties spanning a combined land area of some 6,060 square metres and 67 individual unit titles, with dual street access from Ulster and Charlemont streets.
It is being marketed by Bayleys Hamilton for its rare scale and flexibility, including the chance to buy the hotel as a going concern.
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The hotel offers a variety of room configurations, catering to a diverse guest profile including corporate travellers, contractors, tourists, families, and school and sports groups.
Supporting the accommodation are conference and function facilities, restaurant and bar areas, a commercial kitchen, and manager/owner accommodation, plus operational infrastructure and on-site parking for 70 vehicles.
The business currently employs three managers and a maintenance employee, who live on-site, plus part-time cleaners.
The property and business behind Alcamo Hotel, located at 290 Ulster Street and 1/13 Charlemont Street, are being offered to buyers by way of a tender closing on Thursday 3 September. The sale is being marketed by Duncan Hancock and Therese Bailey of Bayleys Hamilton.
The principal purpose-built hotel complex, with 56 units, a central courtyard, outdoor swimming pool, and landscaped grounds, sits on the larger, approximately 5,068-square-metre Ulster Street site.
The 992-square-metre (more or less) property on Charlemont Street encompasses a well-maintained block with five one-bedroom and five two-bedroom flats. This has been integrated into the overall accommodation operation while also presenting options for alternative uses.
Hancock says flexibility is a key strength of the entire offering, catering to buyers seeking a long-term investment, a substantial redevelopment opportunity, or an accommodation business with significant upside.
“Currently operated as a hotel complex, this property provides an established income stream as well as considerable potential for refurbishment, repositioning, alternative accommodation uses, or redevelopment to unlock its full potential under High Density Residential zoning, subject to necessary approvals.
“The multiple unit titles provide a range of future ownership and divestment options, including sale of the entire holding, the business and freehold as a going concern, or the block of flats as an individual asset.
“Held on 10 individual titles, the block of 10 flats provides particular long-term versatility, whether retained as part of the accommodation business, repositioned for residential investment, or considered as part of a broader redevelopment strategy,” says Hancock.
Bailey says present and future activities will draw strength from the highly visible position handy to Hamilton's CBD.
“Close at hand are busy sporting and event facilities, visitor attractions, retail amenities, Waikato Hospital, and key commercial and industrial precincts.
"Nearby State Highway 1C links to the Waikato Expressway, supporting easy connections across the prosperous ‘Golden Triangle’ area to Auckland and Tauranga, as well as Rotorua.
“This helps to attract a broad mix of corporate travellers, contractors, medical visitors, event attendees, domestic tourists, and long-stay guests, providing a diversified customer base and supporting the long-term performance of the accommodation business.
“Hamilton’s diverse economy, driven by healthcare, education, agriculture, logistics, manufacturing, and professional services, lends further support to consistent year-round demand for accommodation.
“Capitalising on these advantages, the profitable Alcamo accommodation business has a demonstrated ability to attract strong occupancy levels throughout much of the year,” Bailey says.
Further business financial information is available to potential buyers who sign a confidentiality agreement.
- Supplied by Bayleys
