First it was the Ryan family’s sale of the Narwee Hotel, then the Peterson’s Ivanhoe Hotel in Manly; and now, HTL Property are proud to announce the sale of leading national hotelier Patrick Gallagher’s Royal Hotel in Ryde.
The off-market hotel sale, conducted exclusively by specialist agents Dan Dragicevich and Andrew Jolliffe, has been dealt to former Wallaby and now highly regarded Sydney hotelier Bill Young.
Young, who also counts the proximate Concord and Five Dock hotels in his growing stable of six Sydney pubs, concluded the discreet sale last week for an undisclosed sum.
“Having originally sold the Royal to Patrick and his partner in 2014, the deal for their successful exit was particularly satisfying to be involved in. The pair have added considerable value during their tenure; adding additional machines, achieving extended trading hours as well as completely renovating the downstairs pub and activating the first-floor accommodation rooms” commented HTL Property’s Dan Dragicevich.
“The Royal has always been a robust and proven cash flow generator, and as such it deserved a sale price commensurate with the material barriers to entry, including lack of available stock and the weight of investment capital looking for a foothold in the marketplace, the buyer universe is commonly challenged by” included Dragicevich.
The Royal Hotel, last ranked at 157 on the State’s Top 200 gaming list from December 2020; enjoys immediate proximity to Top Ryde’s large format shopping centre, and the burgeoning Inner-West Sydney suburbs.
“The Royal at Ryde follows our 2020 acquisition and recent refurbishment of the Illinois Hotel, and fits perfectly into our geographical wheelhouse” advised successful Purchaser, Bill Young.
“Strategically, we are satisfied that we have now assembled a complementary mix of full service hotel offerings in a demographic we know well, and will continue to enjoy our interactions with for many years to come” Young concluded.
“With increasing regularity, we are seeing the key sector participants recalibrate portfolios and take very deliberate and considered actions regarding both asset divestment and acquisition events” added HTL Property Managing Director, Andrew Jolliffe.
“Consequently, we maintain our view that those parties who take advantage of the current trading conditions, including debt market liquidity, will enjoy significant downstream reward” Jolliffe concluded.
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