HTL Property agents Dan Dragicevich and Andrew Jolliffe have advised on the Beach Hotel deal, saying it comes with development approval which, when complete, will ‘cement Newcastle’s rebirth in as a true capital”.
“Merewether’s Beach Hotel enjoys a type cast alongside the country’s great coastal hospitality assets, and its scale and proximity to the seafront ensure it will remain a thriving investment indefinitely,” said Jolliffe. .
In Sydney’s west, the family-run Pendle Inn has changed hands for the first time since it was built in the 1950s. It was bought by local publican Mark Duggan, owner of Burwood’s Avondale Hotel, to $75 million.
Situated on a 7564 square meter site opposite Pendle Hill station, it offers the buyer a range of bars, bistros and slot machines. Other attractions that have supported the high price are the accommodation rooms and surrounding downtown development.
Ben McDonald and John Musca of JLL Hotels advised the sale of Pendle Inn and said the NSW hotel market continued to see record levels of capital inflows, with many other hotels expected to be in the final stages of changing hands .
“We have seen over $1.3 billion in pub hotel deals nationwide over the past 12 months, with significant activity now emerging in the traditionally tighter markets of Melbourne and Adelaide, which testifies to the upsurge in the prioritization of capital in the sector”, managing director of JLL Hotels says Musca.
In late April, new hotel group Orion paid $45.2 million for the Earlwood pub in Sydney’s south-west to longtime owner Kent Walker.
The Orion Hotel Group, made up of the Wiggins, Savas and Docker hotel families, was created to seek Sydney-based opportunities, said Jolliffe, Dragicevich and Sam Handy of HTL Property.
“We have planned a lot for this aesthetically magnetic property, but everything we do will be designed to strengthen the relationship the company has had with the local community for decades,” said Michael Wiggins.
“It really is a stunning looking property, and has great scope for repositioning. »