Following only three weeks of a very active international sale campaign, the owners of The Bells Hotel on the Woolloomooloo waterfront have elected to sell the famous property on the eve of its planned auction.
Speaking on behalf of the Miles family, owners of The Bells Hotel for around 45 years, Erin Peterson advised that amongst others the family had been presented with a compelling offer from well-known and nearby by publican
“The family has loved the 45 years at Bells and while it is the end of an era for us we are happy to sell to Arthur, a long time local publican, who we are sure will only be an asset to further develop the potential of our much-loved pub” said Peterson.
Arthur Laundy AO, who already owns the nearby Woolloomooloo Bay Hotel he purchased from the Medich family for $20m a few years ago, is said to have moved deliberately to secure the statuesque Bells Hotel prior to its scheduled auction on Thursday of this week.
Exclusive agents for the sale, Andrew Jolliffe and Dan Dragicevich of new former HTL Property, had recently advised the market that the sale process for The Bells Hotel had been both active and significant with regard to the quality of interested parties.
“We had designed a program around an auction day outcome, albeit with a property of this magnetism and rarity, it is commensurately not at all surprising that a number of qualified parties indicated a willingness to secure the generational opportunity ahead of schedule” advised Jolliffe.
Representatives for HTL Property declined to comment in relation to the price paid for The Bells Hotel, other than to confirm the ultimate sale price was consistent with the guidance given during the sale process.
“The very positive sale of this hospitality industry icon is a material vote of confidence in the strength of the market for AAA grade properties” said Dragicevich.
“Interest in the prominently positioned asset was drawn from a wide spectrum of well-known hospitality operatives and commercial property specialists, with many reporting to have coveted the opportunity in an unofficial capacity for numerous years” advised Dragicevich.
The complimentary sale of The Bells Hotel continues a strong run for the hotel sector, and comes on the eve of hotel giant Redcape’s billion-dollar stock market listing, slated for the end of the month.
“In addition to The Bells Hotel, we have negotiated the sale of four other hotel properties in the past few weeks, and our imminent market disclosures about these additional properties will serve to further confirm not only patent popularity, but also the continued durability of the sector” concluded Jolliffe.