Deltine snaps up Launceston’s Sebel in record off-market deal
The Sebel Launceston has been acquired in an off-market transaction understood to be the highest price achieved for a Tasmanian accommodation asset outside Hobart.
The St John Street property changed hands on November 4 for an undisclosed sum, with Deltine High Yield Motel Fund becoming the new owner.
Deltine launched in late 2024 and has now acquired 16 Australian properties, with the Sebel its first in Tasmania. Chief executive David Toomey said the group is aiming to become the country’s largest owned-and-operated motel chain within five years.
“No-one owns more than about 30 to 35 motels in Australia, so we’re well on track for that,” Toomey said.
“We’ve [bought] 15 in the first 18 months, and our plan is to buy 10 a year for five years to hit 50.
“The regional hotel and motel sector is quite an overlooked asset class because of the regionality and size of the assets, it’s a bit too small for the large institutions, but a bit too big for some private investors. It’s a perfect segment for us to play from an investment perspective.”
Sebel branding to stay
The four-star hotel has 49 rooms and a restaurant, and has regularly hosted AFL teams playing in Launceston. It operates under a franchise agreement with Accor, which Deltine will continue, so the Sebel branding will stay.
Toomey said the property “ticked all the boxes” the group looks for, as a regional four-star hotel catering to “corporate business and the professional traveller”.
“It’s a very good asset and good location, good condition and run well by the previous owners,” he said.
“We’re very interested in [buying more assets in] Tasmania, it’s a really great market for accommodation.”
The previous owners, local couple Craig and Susan Richman, bought the property in early 2015 for just shy of $10 million and have run it since. It began life about 22 years ago as Cornwall Square Apartments.
Resort Brokers’ Marissa von Stieglitz brokered the sale and described the hotel as a “standout property in one of Tasmania’s most important markets”.
“This record sale highlights continued demand for quality accommodation assets in Tasmania, particularly established properties in great locations with proven trading histories,” Ms Stieglitz said.
“Securing a buyer of Deltine’s calibre through an off-market process reflects both the strength of the asset and the confidence corporate groups continue to have in Tasmania’s accommodation sector.”
Jonathan Jackson, 9th November 2026
