JLL Sells Newcastle's Terminus Apartment Hotel Management Rights

JLL's Hotels & Hospitality Group has sold the management and letting rights to the 71-apartment Terminus Apartment Hotel in Newcastle, New South Wales, to At Hotel Group in an off-market transaction. The deal, announced November 2, 2026, also included the acquisition of associated lots at the property.

Tim Mayoh, Senior Vice President in JLL's Hotels & Hospitality Group, negotiated the sale on behalf of the vendor, Aden Hotels Group. The property operates from a restored heritage building in Newcastle's historic central business district.

How competitive was the process?

JLL did not take the asset to the open market. The firm invited a targeted group of qualified buyers instead. Of those parties invited, 30% submitted offers. JLL described the response as strong, with sophisticated investors seeking accommodation-sector exposure returning competitive bids.

"The market response exceeded expectations," Mr Mayoh said. "This validates both the quality of the offering and the effectiveness of targeted, off-market strategies for premium hospitality businesses."

The agent noted that premium short-term accommodation management rights in New South Wales are tightly held. The Terminus sale offered a rare turnkey acquisition with what JLL called substantial growth potential.

"Premium management rights businesses of this calibre rarely come to market," Mr Mayoh said. "The Terminus Apartment Hotel offered the perfect combination of established performance, impressive aesthetics, operational efficiency, and strategic positioning in one of Australia's fastest-growing accommodation markets."

What does the sale signal for the sector?

JLL framed the result as evidence of its expanding footprint in management and letting rights. The Hotels & Hospitality Group already holds an established position in hotel investments and advisory work. It now applies that market knowledge to the specialised rights sector, connecting rare opportunities with qualified buyers through targeted, off-market campaigns.

"We're applying our deep hospitality market knowledge and processes to serve this specialised sector, connecting premium opportunities with qualified buyers through targeted, off-market campaigns," Mr Mayoh said.

Who are the parties?

The transaction involved three named parties:

• Vendor: Aden Hotels Group, which built the operation JLL described as having strong fundamentals and an outstanding market reputation.
• Buyer: At Hotel Group, represented by Jeff Aquilina, adding the asset to an expanding portfolio.
• Agent: JLL Hotels & Hospitality Group, led by Tim Mayoh.

JLL positioned the business for continued growth under Aquilina's stewardship in the premium short-term accommodation sector.

"Jeff is inheriting a quality turnkey business positioned to capitalise on Newcastle's continued economic growth and expanding visitor economy," Mr Mayoh said.

No sale price was disclosed, a common practice in Australian management rights transactions; the 30% offer rate among invited parties is the only competitive metric released. JLL declined to state the number of parties invited. Newcastle's accommodation market continues to attract capital, and further off-market deals of this type are likely as holders of premium rights weigh exit timing against the city's growing visitor economy.