At the same time as both Moelis backed Redcape and KKR funded Australian Venue Company are eying off well publicized IPO’s,
listed property company, Buoyan Holdings (ASX:BHL) has confirmed the off market sale of its Peachtree Hotel in Sydney’s Western
Suburb of Penrith.
The very large format hotel is situated upon 10,550sqm at the busy Mulgoa Rd and Peachtree Rd industrial park, adjacent Bunnings
and opposite what is thought to be the second busiest McDonalds store in Sydney.
The off-market sale sees BHL make a neat profit since acquisition in 2017, and was conducted by Andrew Jolliffe of Ray White
following his recent sale of the Padstow Inn at auction for 26m.
Jolliffe confirmed the price paid was $16,500,000.00 and that the buyer was experienced Sydney based hotelier Jason Marlow of
Marlow Hotels Group.
“The Peachtree Hotel is illustrative of a modern day suburban licensed premises, with multiple demographics catered to, and
revenue centres configured to ensure trade is enjoyed via a number of internal business departments across a broad spectrum of
any 24hr period” Jolliffe said. “The Marlow Hotel Group are regular Casual Dining Award winners at state based industry events,
and this family focused hotel management strategy is evidenced at other Marlow Hotel Group venues such as The Rose and Crown
in Parramatta, or the Boathouse Tavern in Queensland’s Coomera” said Jolliffe.
“To do this effectively, hoteliers require scale, position and demand, and the Peachtree Hotel exemplifies all pre-requisite
requirements” confirmed Jolliffe.
Speaking about the method of sale being off-market as compared to the recent auction success the group had enjoyed, Jolliffe
commented that the sale method chosen was not uncommon and he was confident further significant sales would be announced
via this type of sale process.
“Our client was seeking a profitable, discreet exit solution, and accordingly charged us with the responsibility of tapping our active
database to make a buy/sell match” said Jolliffe. “We are currently in the process of doing this on a number of other material
hospitality properties, and the granularity we employ in terms of our focus on understanding the ever changing needs of our valued
database of buyers and sellers, means we maintain the invaluable currency of full, contemporary, total transparency in terms of the
market’s needs” Jolliffe concluded.
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