Growing Pub Fund Secures Ocean Front North Coast Hotel

After an outstanding 23 years of ownership, exclusive agency HTL Property is delighted to announce the sale of the waterfront Harrington Hotel on behalf of long time and highly regarded owners the Nixon family.

Following an on-market campaign, the very picturesque Harrington Hotel has been sold by expert agents Andrew Jolliffe, Dan Dragicevich and Blake Edwards in another North Coast hotel sale for the market leading brokerage firm. The 10th such sale in the active stretch of real estate between Newcastle and the Gold Cost in the past 6 months.

“Whether it is the Ryan family in Narwee (Narwee Hotel), the Miles family in Woolloomooloo (Bells Hotel) or the Mitchells in Orange (Robin Hood Hotel), when our firm is awarded the responsibility for managing the sale of generational assets such as this for the Nixon family, we understand and respect the responsibility bestowed upon us” advised HTL Property Managing Director, Andrew Jolliffe.

“The owners of unique generational hospitality assets typically enjoy only one single optimal exit event opportunity, and contemporary market conditions lend themselves favourably at this particularly chronological intersection” added Jolliffe.

The on-market sale process managed exclusively by HTL Property extracted multiple offers to purchase, before ultimately being secured by the experienced Stephen Hunt led organisation.

“We are delighted to be adding the Harrington Hotel to our growing portfolio of pubs. This asset has been in the same family for over 20 years and we are proud to be purchasing such a well run asset with such a strong mix of revenue streams. As always, we look forward to tapping into the local community, as well as capitalizing on such a beautiful tourist destination” commented successful Purchaser, Stephen Hunt.

The acquisition of the Harrington Hotel adds further to the Hunt Hospitality stable, which also includes hospitality properties in Port Macquarie, the Hunter Valley, Newcastle and the Coffs Coast of NSW.

“Stephen Hunt’s sophisticated pub fund is emblematic of an asset class represented by powerful swathes of equity and experience” advised HTL Property National Director, Dan Dragicevich.

“Accordingly, it is a well-worn narrative that highlights the weight of capital seeking harbour in this national asset class; however perhaps less prolific is the marriage between capital origination and professional asset management as evidenced by this transaction” Dragicevich concluded.

HTL Property would not confirm the price paid by Hunt Hospitality for the Harrington Hotel, however did confirm that the sale price achieved was in line with the market guidance provided throughout the sale campaign.

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