Sydney's Coolibah Hotel sold for record $40 million
The Coolibah Hotel in Merrylands has sold for a rumoured $40 million by the Vlandis Group.
According to reports in the Australian Financial Review, the property sold for around $40 million, with the off-market deal, netting a yield of about 8 percent.
Andrew Jolliffe, Asia Pacific Director of the Ray White Group said the sale of the hotel marks the highest freehold going concern sale achieved nationally to date in 2017.
"Our client identified this time in the market as a suitable exit point at which to conclude its long term investment in what is truly an outstanding hotel property spanning some 8500 symmetrical sqm," he said.
"The profile of the purchaser, much like the vendor, is one of an established and very well respected hotel group.
"The market has been patently well supported by sophisticated on and off-shore investor groups, and we feel this trend will continue.
"We've spoken openly, regularly and confidently in the past about the emergence of the Super A-Grade hotel category, and the applicable yields associated with irreplaceable hospitality assets such as the Coolibah Hotel."
The sale beats Merivale's Justin Hemmes paying $37.05 million for the Tennyson Hotel in Mascot late last year.
