Irreplaceable Seaside Hotel Sold by HTL Property

Following the Thomas family’s recent divestment of the iconic Neutral Bay Oaks, the highly regarded and multi- generational hotelier family engaged HTL Property agents Dan Dragicevich and Andrew Jolliffe, to successfully sell its
inimitable seaside large format hotel at The Entrance; on the stunning NSW coastline. Prominently positioned on a cornerstone 4,609m2 landholding with 23m height limit, the recently renovated venue enjoys a well-diversified revenue base from all departments and the benefit of 26 EGM’s and 13 accommodation rooms.

Managed discreetly and efficiently via an invitation only off market sale process and concluded swiftly following a prescribed 4-week sales campaign, the Entrance Social Club (formerly Entrance Hotel) has been acquired by MA Financial’s Redcape Hotel Fund.

“Seaside assets that possess the enduring real estate and trading fundamentals of the Entrance Social Club are notoriously tightly held, and with the Thomas family having owned and operated since 1990, opportunities like this are rare. When they do arise, they are highly sought after, as evidenced by the interest generated during the competitive sales process, and the quality and quantity of offers received” stated HTL National Director, Dan Dragicevich.

Adding to a suite of hugely popular hospitality assets now encompassing numerous states in Australia, and also a recent new Fund established in New Zealand, Redcape moved quickly to acquire the significant waterfront hospitality operation on the Central Coast.

Chris Unger, Managing Director, Redcape, said: “This is exactly the kind of pub we look for. It has a great revenue mix fantastic underlying land and within a strong community that love pubs. “We are very excited to join the team at The Entrance who do a wonderful job and congratulate the Thomas family after such a long time with the pub.”

The successful sale of the waterfront Thomas family asset to Redcape Hospitality highlights the fertile nature of the transaction landscape nationally; and in doing so highlights continued investor magnetism to the traditional hotel asset class.

“This is our firm’s fourth announced sale of materiality in the past ten days, and underwrites our view that investors are finding comfort in the hard asset backed nature of what is in many respects a small ticket retail business model; albeit with barriers to entry not enjoyed in many other commercial property applications” concluded HTL Property Managing Director, Andrew Jolliffe.

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