Hotel Sale

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The leasehold interest in the Covent Garden Hotel, a Chinatown hospitality institution with Luey family origins stretching back to the 1970's, has been sold off-market.
The purchaser is believed to be a very experienced multi-hotel operating group from Sydney.
Ray White's Asia Pacific director of hotels Andrew Jolliffe brokered the transaction via an off-market campaign.
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The three storey and dual fronted Covent Garden Hotel opened in 1911 by Tooths &amp; Co and has been a hospitality icon since.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/11/convent2.jpg" alt="">
Jolliffe says the change of hands signifies the enduring nature of Sydney's entertainment precincts.
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"Our client, the Luey family, have very successfully occupied the Covent Garden Hotel for decades, and accordingly sought from us a transaction which identified a suitable party via which to continue the strong business operation known to thousands of local and international patrons" said Jolliffe.
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"Many a visitor to Sydney's vibrant Chinatown district, whether seeing an international performance or attending Paddy's Markets, has walked through the doors of this proud institution.
"Importantly, the transaction we've co-ordinated means the legacy created by the Luey family is in very safe hands for another generation, and will be preserved under the guidance of one of Sydney's most well-known and highly credentialed hospitality families" advised Jolliffe.
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A spokesman for the Luey family confirmed the sale, and advised that the family was extremely proud of the hotel's history, whilst being excited about the business's future under the guidance of the new operator.
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With recent sales of numerous high profile hotel operations including the Vic on the Park and Collaroy hotels to Merivale impresario Justin Hemmes, as well as Newtown's iconic Marlborough Hotel to Solotel's Bruce Solomon, Jolliffe believes the hotel asset class remains well positioned.
"Unmistakably, the asset class remains particularly strong, and strengthening, with key fundamentals all scripting earnings growth indexed to strong cash flows and meaningful barriers to competitive entry."
 
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Convent Garden Hotel premises in Sydney's China Town quietly sold

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Rozelle's Garry Owen Hotel has been sold by the South Coast bound Sloan family after nearly a year on the market.
The Sloan family were described as industry newcomers when they bought the property from the Laundy Group in 2013.
They have extensively renovated the property at <a href="https://raywhitehotels.com.au/properties/garry-owen-hotel/" target="_blank">778 Darling Street</a>.
It spans three levels on its 360 sqm parcel and has 10 gaming entitlements.
Only half of the first floor area is being utilised for trade.
Ray White's Andrew Joliffe and Blake Edwards were marketing the property as an entry level Sydney freehold hotel.
Despite having 1920 etched on the facade the building, the hotel was established in 1881.
One of the Hotel's claim to fame is that an inside toilet was installed in an old laundry in 1937 and "was the only pub in Rozelle with a chimney on the toilet".
 
 
 
 
 
 
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Rozelle's Garry Owen Hotel sells after nearly a year

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The Bellevue Hotel in Paddington has been bought by Royal Hotels, which is owned and operated by the highly regarded Malouf family.
Vendors for the sale of the Bellevue Hotel, WDS Hotels, had conducted an extensive renovation shortly following its acquisition of the popular hotel in 2014.
“We’ve enjoyed a successful four years of ownership at this great hotel, and following complete renovation and repositioning, formed a decision to focus on our existing portfolio which includes the Fortune of War Hotel, and in doing so to recycle the capital into another opportunity we’re considering,” commented WDS director Steven Speed to The Hotel Conversation.
Paddington, as a hospitality precinct, has proven popular with investors.
Andrew Jolliffe of HTL Property would not confirm the sale price paid.
The Pubtic website suggested around $6.5 million.
Built 1880, the elegant two-storey Bellevue sits on the corner of Hargrave Street and Windsor Lane.
It has gone through a succession of name owners, including John Singleton and Geoff Dixon’s Australian Pub Fund, with operations by Riversdale.
They subsequently sold it to Speed, and partner Peter Walker, in early 2014.
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Bellevue Hotel in Paddington sold off-market

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The iProsperity Group (iPG) has sold the Park Regis Hotel in Sydney to the Yeh Group for $54.18 million.
The sale price represents a 23% increase on what iPG paid for it less than two years.
The 122-room Hotel stratum makes up 10 floors of the 45 level mixed-use tower at 27 Park Street, Sydney.
Recent refurbishments done through StayWell, are expected to lead to an increase in rates at the Sydney hotel.
In its recent 'Q1 2018 Hotel market analysis report', iPG predicted buoyancy in the hotel sector will continue for the remainder of the year, with Sydney to experience the highest activity levels and strongest ADRs.
Settlement is expected on October 31, 2018. 
The sale was handled by Gus Moors and Karen Wales of Colliers International.
"iPG have combined astute timing and sound business acumen to create substantial uplift in this asset over the period of Its ownership," said Moors.
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Sydney city's Park Regis sold by iPG for $54.18 million

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One of Perth’s oldest hotel venues - The Vic Hotel in Subiaco – has been offered for sale with vacant possession.
CBRE Hotels’ Ryan McGinnity and Aaron Desange have been appointed to sell the hotel, which was first opened in 1898.   
After taking over the hotel operations in mid-2019, the freehold owners updated equipment, revitalised the premises and created renewed interest in the venue with the addition of Rocky Ridge Brewing - all with the medium-term goal of selling the venue.
The venue, which is located on approximately 2,000sqm of land and includes 54 onsite car parking bays, last underwent substantial renovations in the 1980s and has since been operated by the likes of Black Toms and the ALH Group.
CBRE’s Ryan McGinnity said Subiaco was earmarked for a major transformation over the coming years, which would significantly benefit local businesses.
“As part of the Subi east development, the demolition of Subiaco Oval has been completed, Bob Hawke Highschool is already planning a student expansion and the demolition on PMH is underway.   Once completed Subi East along with One Subiaco will be home to residential, commercial and retail activity which will transform Subiaco” Mr McGinnity said.
“The Vic Hotel has been part of the fabric of Subiaco for more than 120 years and we expect the opportunity of a ‘blank canvas’ hotel will appeal to many.
"This is the chance to reposition this hotel for the next 20 years and capitalise on the many new residents of Subiaco in coming months and years.”
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Subiaco's Vic Hotel listed for sale with vacant possession

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The Stock Hotel, located at the centre of Toowoomba in Queensland’s Darling Downs, is being offered for sale by Ray White Hotels Australia.
The hotel located at 162 Anzac Avenue, Harristown, in Toowoomba’s south-west is being marketed via expressions of interest by Leon Alaban and Christian Tsalikis of Ray White Hotels Australia.
Mr Alaban said the Stock Hotel is located on a prominent position on busy Anzac Ave and enjoys excellent vehicular exposure.
“The Stock Hotel presents a strong cash flow business with solid revenue across all departments,” he said.
Mr Tsalikis also mentioned the Toowoomba region was benefiting from a number of key developments such as the second range road crossing – the largest regional road project in Queensland’s history.
Expressions of interest for the Stock Hotel close at 4pm on Wednesday, September 23, 2015.
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Freehold Hotel in Toowoomba for sale‏

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Melbourne's historic Collingwood venue, from where the Barley Corn Hotel operated for about 140 years, is to be auctioned on November 12.
The <a href="https://www.realcommercial.com.au/property-retail-vic-collingwood-501731182" target="_blank">177-181 Johnson Street</a> address comprises the former Barley Corn Hotel, currently a 100-bed backpackers hostel.
Set on a 558 square metre site, the property has frontages to Johnston Street, Harmsworth Street and Little Francis Street. 
It has been listed by Michael Taylor and Tom Maule of Teska Carson, which is marketing the property. 
"The three-street frontages provide flexibility for any development, while the current lease provides a handy income stream during planning and permit application stages,’’ Taylor said.
The property will be sold subject to a three-year lease from April 2014 to The Barley Corn Pty Ltd with a further three-year option at a current rental of $88,209.49 per annum.
"Collingwood was once known as a working class area but it has been through a significant gentrification process in recent years with a number of new developments driven by a huge upsurge in popularity," Maule said.
Collingwood is one of the oldest suburbs of Melbourne and has several historical buildings.
The sought-after location is just 1.5 kilometres to the Melbourne CBD.
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Collingwood's Barley Corn Hotel site on the market

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The Alto Hotel in Melbourne's Bourke Street has found a new owner in a private Chinese investor.
Alto is Australia’s only 6-Star NABERS rated hotel.
It has won several tourism awards, including Conde Nast, Qantas, Trip Advisor, RACV and Tourism Victoria.
The hotel, which opened in 2006, comprises 50 rooms across six floors.
The CBRE listing CBRE sold via an international expression of interest at an initial yield of 4%.
The hotel was sold for about $19 million, according to the Australian Financial Review.
The freehold property is on a long term lease, with options until 2042.
The site was originally developed as the Railways Hotel around 1860, before being purchased by the Victorian Railways Union and demolished to construct its head office in 1914.
“This sale is further evidence of strengthening appetite levels for premium accommodation assets from Asian investors who consider Australia an attractive investment landscape,” said CBRE's Joseph Du Rieu, who helped broker the deal.
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Melbourne's Alto hotel changes hands

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A bluestone heritage former hotel with contemporary offices on Adelaide’s Pirie Street has been listed with strong interest in its redevelopment potential expected by Colliers International agents Alistair Mackie and Ian Thomas.
The two-storey office building at <a href="https://www.realcommercial.com.au/property-offices-sa-adelaide-501727033" target="_blank">246-250 Pirie Street</a> includes onsite parking for at least four vehicles.
“246-250 Pirie Street offers an astute purchaser a two-storey office building that is currently generating a substantial income from an excellent mix of commercial tenants.
The agents suggest the property’s zoning and existing improvement provides an opportunity to develop a high rise residential tower situated between Frome and Hutt Streets, on a 481sqm corner site.
It is ocated within a Development Plan Capital City Zone, allowing for development up to 53 metres.
“The current owner has engaged Flightpath Architects to conduct a residential yield study on the non-heritage portion of the site, which totals around 400sqm, to ascertain the potential for a high rise residential apartment development,” Mr Thomas said.
“This yield study identified four development concepts ranging from 32 apartments and 18 car parks over eight levels, up to 75 apartments and 20 car parks over 15 levels.”
The agents anticipate circa $2.5 million when offers close November 5.
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Adelaide heritage residential highrise block opportunity

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Property developer Sunland Group (ASX ) has acquired the popular 3-star Greenmount Resort in Coolangatta on the Gold Coast's southern beaches for $26 million (plus GST), the company said in a regulatory announcement.
The beachside property adjoining Greenmount Highland was bought as a going concern and the deal is expected to be complete by December this year. It will continue to operate as a resort pending future Council planning approvals, the announcement said.
The resort has 151 rooms and is a stone's throw from the Greenmount and Rainbow Bay beaches. It is also close to Coolangatta's retail and restaurant precincts and is 3.7 km to the Gold Coast airport.
"We see great opportunity on the southern Gold Coast, where the surge in urban renewal and investment is accompanied by a collective understanding that preserving the vibrant village atmosphere of these communities is fundamental to their success," said Sahba Abedian, managing director of Sunland.
“Our vision for this landmark site is to conceive an architectural outcome which complements the existing scale, character and beauty of Coolangatta, while contributing to its ongoing renaissance.”
There has been speculation that a new owner could demolish the old resort and create room to build two or three new buildings, adds the Courier Mail.
Sunland said earlier this year it had spent $40 million in site acquisitions through its first half, while reporting a dip in <a href="/expert-insights/buying/50978-sunland-secures-25-percent-returns-on-its-residential-development" target="_blank">first-half profit to $3.2 million</a> after taxes.
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