Closely following its $30m acquisition through HTL Property of Sydenham’s General Gordon Hotel, JDA Hotels has acted quickly to purchase the leasehold interest in Haymarket’s Mountbatten Hotel for $7.5 million.
HTL Property’s Dan Dragicevich and Sam Handy negotiated the off-market transaction on behalf of the highly regarded Surfside Hotels (SH), who have operated the Mountbatten Hotel for over 20 years.
SH still owns and operates three other hotels within the Southern CBD; being the Market City Tavern, Star Hotel and Surry Hills Hotel.
“The Mountbatten has been a great venue for Surfside Hotel and complemented our portfolio of Southern CBD assets” advised SH CEO Carolyn Kelly.
“As such, it gives me great comfort to know that another group so heavily invested already within the precinct, are taking the keys and will no doubt continue to serve the local community well” Kelly added.
The Mountbatten Hotel features a 3am liquor licence with a 3 hour weekend gaming shutdown and 25 gaming machines attached thereto. The hotel was ranked #490 for the Sep-20 rankings, however, was previously consistently ranked in the TOP 200 prior to the closure of George Street in 2015 for the commencement of the light rail construction.
JDA Hotels are no stranger to the Chinatown precinct, owning the nearby Great Southern Bar and Charlie Chan’s Hotel. The group separately owns and operates five other hotels across Sydney with a further two on the Gold Coast.
“The Chinatown precinct is notoriously tightly held, and consequently very keenly sought after by the market for its intrinsic fundamentals” advised HTL Property’s National Pubs Director, Dan Dragicevich.
“We were inundated with enquiry regarding Mountbatten, and the result is testament to Surfside’s successful asset stewardship” Dragicevich concluded.
With the NSW Hotel market ending 2020 on a high, the 2021 market has patently picked up where it left off; noting the fact that HTL Property has already concluded 20 sales to the end of March, with substantially more scheduled to follow.
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