Following sales of both the Rose & Crown Hotel (Parramatta) and Corrimal Hotel (Corrimal) last month, exclusive agents HTL Property are pleased to confirm the successful sale of the final two Pub Invest portfolio assets being the large format North Nowra Tavern and stately Crown Hotel (Surry Hills).
Both the North Nowra Tavern and Crown Hotel were sold by HTL Property following a short on-market Expression of Interest campaign directed by Wexted Advisors.
With the latest two hotels attracting a combined $52m, the total exit value achieved for the four pub portfolio exceeds $126m.
“All four hotels sold represent excellent examples of strong freehold assets with historical and scalable earnings profiles” commented HTL Property’s Dan Dragicevich.
Whilst the successful Purchaser of the North Nowra Tavern was not disclosed, the Crown Hotel in Surry Hills has been acquired by experienced Sydney pub group, Universal Hotels.
“We’re most satisfied with the sale quantum and process, and buoyed by the market appetite the campaign highlighted” advised Wexted Advisors Director, Andrew McCabe.
Following the 100 NSW hotels sold in 2021, 2022 has commenced in identical proportion in terms of the transaction landscape.
“Notwithstanding the patent similarities in terms of national sale volumes when comparing the first quarter of both 2021 and 2022; this year has already enjoyed the national record hotel sale (Crossroads – Casula), the highest Newcastle hotel sale (Caves Beach) and record Regional Hotel (Victoria Hotel – Wagga Wagga) sale”
“Market depth is wholly reconfirmed following this well supported portfolio sale, and separately the price points achieved reflect a continuation of the firm yields successful investors are regularly applying in order to secure assets of this quality” concluded HTL Managing Director, Andrew Jolliffe.
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