Hotel sales pick up pace with purchase of Sydney’s Banksia Hotel
A Singaporean group has swooped on The Banksia Hotel, a major gaming hotel in south west Sydney, in a $13.5 million purchase.
The same Singaporean-based fund recently purchased The Belmore Hotel for $34m, with both deals being brokered by Ray White’s Andrew Jolliffe.
The Banksia Hotel at Rockdale was sold by Mitchell Waugh, who, through his new vehicle the Public House Management Group has recently purchased, through Mr Jolliffe, the Buena Vista Hotel and the Woollahra Hotel, as well as both Paddington’s Royal Hotel and Four In Hand Hotel.
The off-market transaction follows a spate of landmark sales, including the Woolloomooloo Bay Hotel and the soon to be reopened Newport Arms Hotel, that was bought midyear by Justin Hemmes for about $46m.
The Banksia Hotel sits on a 1,050 sq/m site and has bars, a restaurant, designated gaming facility, wagering, retail alcohol sales and accommodation over two levels.
The sale bodes well for activity next year.
“We’ve sold in excess of 25 top gaming hotels over a short period of time, including the recent sale of the Belmore, Padstow and Panania Hotels; and this remains the most active, most aggressive and most robust of sectors within the national hotel landscape,” Mr Jolliffe said.
Source: The Australian, Ben Wilmot, 15th December 2015
