The bullish market in pub real-estate continues with another pub group placing its entire portfolio on the market.
This time its Pub Fund, managed as the Riverdale Group and run by former Qantas boss Geoff Dixon, businessman John Singleton and investment banker Mark Carnegie.
The group owns twelve venues in Sydney and Melbourne and the first hotels to go to market are The Marlborough Hotel in Newtown and Kinselas Hotel in Darlinghurst. Both are just outside of Sydney’s entertainment precincts and are not subject to the controversial lockout laws.
Other pub groups who have gone to market this year are the Lantern Hotel Group and Redcape. Keystone has also had the majority of its portfolio sold to Dixon Hospitality, after being placed into receivership.
Andrew Jolliffe of Ray White Hotels, is managing the Marlborough and Kinselas sales and expects interest to be high.
MASCOT HOTEL SELLS FOR RECORD BREAKING $37 MILLION
Merivale boss Justin Hemmes has paid the highest price yet secured by a hotel at auction when The Tennyson Hotel in Sydney’s south was knocked down for $37.05 million.
A 250 strong crowd witnessed the record sale of the large format hotel which is positioned on the corner of Botany Road and High Street Mascot and is close to the new Green Square residential precinct. It is Merivale’s second inner-west purchase, after acquiring The Alexandria in August.
Vendor John Feros said “Justin is quite clearly on another level in terms of his ability to extract value out of his hospitality investments, and we have little doubt his experience and superior product delivery will reward him handsomely in relation to the Tennyson.”
The sale was again handled Ray White Director Andrew Jolliffe, who was last month awarded the Number 1 Agent Internally for the second consecutive year.
This year’s AHA NSW Awards for Excellence where held The Star Event Centre and attracted more than 600 nominations spread across 42 categories.
John Whelan CEO of AHA NSW said the nominees were representative of the high quality of the state’s operators and venues.
Big winners on the night included Arthur Laundy and partner Fraser Short who took out the prestigious Hotel of the Year – City Award with the Watson’s Bay Boutique Hotel, which also picked up the Best Social Media Activity.
Hotel of the Year – Country went to The Sunken Monkey in Erina which also won Best Nightclub/Nightlife Venue for its’ Proud Mary Club.
In other major awards, Group Hotel Operator of The Year was awarded to Public House Management Group who also won three other awards on the night. Single Hotel Operator of the Year was won by Des Kennedy and the Oriental Hotel, Mudgee.
Sydney hotelier and industry stalwart Patrick Gallagher received a standing ovation when he was inducted into the AHA NSW Hall of Fame as this year’s recipient of the Cyril Maloney Medal.
Feature image: Watson’s Bay Hotel, Hotel of the Year – City