Patonga Beach Hotel on the NSW Central Coast sold
The Patonga Beach Hotel on the New South Wales Central Coast has been sold.
Andrew Jolliffe, Asia Pacific Director of Hotels at Ray White made the sale. It is understood around $9 million was paid.
He said it went to a "very experienced new owner who will bring a fresh set of ideas and repurposed identity to the well-known hotel."
"Suffice to say, after a number of years ownership, our client has sold the Patonga Beach Hotel to a purchaser with both the vision and ability to prosecute an outstanding hospitality experience for the hotel's loyal patronage," he said.
"The picturesque nature of the property holding was certainly a strong draw card for astute hospitality investors, and the ability to own such dominant market share in a highly frequented waterside location meant the cream of the industry assessed the opportunity.
"Freehold properties of this magnitude, and proximity to the ocean are seldom traded, and the likelihood of a replicable hospitality offering being approved is particularly low.
"The recent sale of the Collaroy Hotel to Justin Hemmes is firm evidence of the industry's market leaders advocating for the strategic acquisition of irreplaceable A-grade property, and the Patonga Beach Hotel fits deftly into this category."
It was first listed mid August.
It was last sold in 2015, five months after being listed with $10 million sale hopes. The land sale component totalled $7.35 million on its settlement.
Andrew Jolliffe was recently announced as the number one sale agent internationally for the Ray White Group.
