Flagship Newcastle Hotel set to exchange hands

An Iconic Hamilton establishment will go under the hammer this month in a move illustrating the continued strength of the Newcastle hotel market.

The Exchange Hotel, a favoured watering hotel for generations of Novocastrians, is being marketed by leading broker agency Ray White Hotels Australia, in conjunction with local broker Deane Moore of Moore and Moore.

“This is a seldom seen opportunity to acquire a multi-level, fully licensed freehold hotel that is steeped in history,” Ray White Asia Pacific Director of Hotels, Andrew Jolliffe said.

“We were lucky enough to participate in the sale of both the Honeysuckle Hotel and the Crown and Anchor adjacent Hunter St mall, but to be involved with the sale of the Exchange Hotel is a real thrill,” he said. “The sheer volume and consistency of trade from all revenue departments is compelling.”

Co-agent Deane Moore cited the balanced nature of trade and the fact that the patronage at the hotel was not reliant on just one section of the community as top selling points.

“On any given day, the patronage at The Exchange is a quality mix of local residents, white collar professionals and visitors to Beaumont St looking for a premium offering,” Mr Moore said.

“The ability for patrons to park on site is also a key point of difference and very handy on busy days at nearby Newcastle Racecourse,”  he said.

The hotel will be auctioned in Sydney on August 28 and the level of interest is already strong.

“Any time an asset with identifiable and robust trade history comes to market with so many areas for improvement, whether they be instigating the already approved DA for the existing outdoor balcony or maximising trading hours by providing a regular Sunday option, astute buyers activate their interest,” Mr Jolliffe said.

“The Exchange Hotel is a piece of Newcastle’s history, a prime commercial property on one of the region’s most sought after retail strips, and it is underpinned by a set of weekly revenue numbers unmatched by many hotels in NSW,” Mr Jolliffe said.

Source:  Ray White - 1 August 2014