Ludlow Sells to Endeavour

Following the leading firm’s sale announcement yesterday of Bill Young’s Wisemans Inn Hotel to Sam Arnaout’s Iris Capital, HTL Property today confirms the sale of Wollongong’s large format Five Islands Hotel.

Owned by the Ludlow Hospitality Fund, founded by well known hotelier Paddy Coughlan; the recently refurbished hotel has been purchased by the highly regarded Sydney based investor Mark Kennedy, via his Endeavour Hotels vehicle.

The on-market sale campaign was managed by HTL’s Sam Handy, Dan Dragicevich and Andrew Jolliffe.

“Ludlow investors are very happy with the process run by HTL and the resultant outcome on the Five Islands Hotel campaign” commented Ludlow Hospitality founder, Paddy Coughlan.

“In addition, we wish Mark and his team every future success with a hotel now positioned to enjoy the benefits of the surging population base in the Illawarra region” Coughlan added.

The prominent 2314sqm hotel property, complete with a 24hr liquor licence and 22 very valuable electronic gaming machines, was discreetly acquired by Coughlan’s Ludlow vehicle in June 2021 when it purchased the asset from Oscars Hotels.

“Not surprisingly, we enjoyed multiple offers to purchase the Five Islands Hotel; with the majority of the interest coming from Sydney investors looking to take strategic positions in growth corridors radiating outwards from the traditional metro core” advised HTL Property Director, Sam Handy.

Having recently transacted upon both the North Nowra Tavern ($23.15m) and the Corrimal Hotel ($32.5m), the sale of the Five Islands Hotel represents HTL Property’s third large format Illawarra region hotel asset sale this year.

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