Following an on-market EOI sale process managed by Andrew Jolliffe and Dan Dragicevich of leading brokerage agency HTL Property, Newcastle’s flagship Kent Hotel has been sold setting an all-time record price for Australia’s 7th largest city.
The multi-level Kent Hotel, an icon of the Newcastle hotel scene, is situated on a prominent corner site in the upmarket city suburb of Hamilton and has been owned by Peter Hunt and his family interests since acquisition in 2002.
“Notwithstanding the fact that the origin for the super majority of interest in the sale process enjoyed was Sydney based, the Kent Hotel has been purchased by a group of local investors; meaning the iconic Newcastle property will remain locally owned and operated” advised HTL Property National Pubs Director, Dan Dragicevich.
HTL Property would not confirm details regarding the identity of the successful purchasing entity, or the record price paid; other than to advise that the price achieved was consistent with the market guidance the boutique firm had provided throughout the 4 week sale process.
“The Kent Hotel is the 10th Newcastle region hotel our firm has sold in the past 12 months, and brings the total transaction basket value to in excess of $ 93m for the region over the same time frame” commented HTL Property Asia Pacific Managing Director, Andrew Jolliffe.
“This sale illustrates a paradigm shift in hospitality investor outlook with sophisticated investment groups now amalgamating both financial and operational resources, in a very deliberate effort to secure strong commercial holdings in gateway locations such as Newcastle” Jolliffe concluded.
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