Hat-trick! Stanford Family Round Out Portfolio Sale

Three months ago, the highly regarded Stanford family engaged expert agency HTL Property to navigate an exit from the industry for the privately owned Bittini Collection; being its three large format hotels all located in Sydney’s
North-West.

Today, HTL agent’s Dan Dragicevich, Andrew Jolliffe and Sam Handy proudly announce the sale of the third hotel, the Pub @ Rivo, to a private Sydney consortium following a dynamic on market campaign.

“The Riverstone sale is the last of the three Bittini Hotels to go to market, however was equally as sought after as was the Vineyard Hotel and Carousel Inn” advised HTL Property National Pubs Director, Dan Dragicevich.

“Separately, what the robust interest in each of the three has exemplified, is a market within which quality assets demand attention” Dragicevich added.

“All macro factors aside, including low interest rates and covid bounce amongst others, each Bittini pub provided extremely rare Western Sydney growth corridor real estate; as well as large under roof trading footprints and each enjoying strategic arterial positioning” Dragicevich concluded.

The sale of the Pub @ Rivo was conducted via an on market EOI campaign concluded over four weeks and with a significant number of offers to purchase lodged.

“What I think is patently clear from the sale of the three Bittini hotels is the market’s appetite for well structured public campaigns” commented HTL Property Director, Sam Handy.

“The instructions from our client and then provided to the purchaser universe were clear; and the response was, frankly, overwhelmingly positive” Handy added.

The last of the Stanford family assets, following the national record sales of both the Vineyard Hotel and Carousel Inn respectively, comprised a 7,338sqm trackside land holding, enjoying the benefit of 26 gaming machines and a hugely popular and recently constructed beer garden.

“As a family, which is what this business is, we are delighted to have exited the industry after almost 50 years in such a clinical and transparent manner” offered Vendor Glen Stanford.

“These assets are more than simply businesses to us, and we are thrilled that they have been both sought after and acquired in the manner it was proposed to us by HTL they would” Stanford concluded.

The sale of the final Stanford family hotel asset comes at a time of pronounced market activity within the asset class nationally, where consolidated sales are closing in on a record $2bn this year.

“The circa $160m Stanford portfolio sale has unmistakably set new benchmarks for both sale prices and exit yields achieved; and commensurately, it has certainly been a prosperous year for this most robust of property classes” commented HTL Property Managing Director, Andrew Jolliffe.

“Consequently, we look forward to disclosing further sales of materiality prior to the commencement of 2022” concluded Jolliffe.

End.