Another NSW South Coast Hotel Sold

The Cooee Hotel in St Georges Basin has sold for close to $7.75 million in yet another NSW South Coast Hotel sale executed by HTL Property.

The hotel underwent an extensive four week on-market campaign which yielded five offers to purchase and resulted in the hotel exchanging within 24 hours of the campaign closing.

“We are in equal parts impressed by, and grateful for, HTL Property’s expert brokerage assistance; and wish the new proprietors every success with this remarkable hotel” advised Vendor Michael Lucas.

The on-market campaign was exclusively managed and negotiated by HTL Property’s Sam Handy and Blake Edwards; the same agents that recently sold the nearby Great Southern Hotel in Berry.

“The sale of this South Coast freehold, particularly at this time, illustrates the confidence in the sector and the foresight of stakeholders to take advantage of opportunities in this fertile transaction landscape” advised HTL Property Director, Sam Handy.

The successful Purchaser is a consortium spearheaded by a Wollongong-based property developer Daniel Kostovski who advises that the group don’t plan to make any immediate large-scale changes to the hotel operation.

“We are absolutely delighted to become a part of the local community, and look forward to meeting the locals and working with the current staff” Kostovski added.

The Cooee Hotel deal follows a raft of recent Illawarra and South-Coast pub sales negotiated by the leading pub brokerage firm over the last 24 months; including the Great Southern Hotel ($6M), North Nowra Tavern ($12M), Shell Cove Tavern ($6.5M), Central Hotel ($20M), Figtree Hotel ($15M) and Unanderra Hotel ($13.5M).

The sale of the Cooee Hotel also represents HTL Property’s 4th Freehold Hotel sale for FY22 to date; with more significant Hotel sales set to be announced shortly.

End.