Sydney beachfront hotel sold to Merivale
Andrew Jolliffe, Asia Pacific Director of Ray White Hotels is pleased to confirm the sale on Friday 11 August of The Collaroy Hotel to the Justin Hemmes owned Merivale Group.
The multi-storey freehold hotel, situated on Sydney’s popular Northern Beaches peninsula, has been sold by Mitchell Waugh’s Public House Management Group; who earlier this year acquired Sydney’s Toxteth Hotel in Glebe for 20m when sold by Jolliffe into the market on behalf of John Singleton and Geoff Dixon’s Australian Pub Fund.
The Collaroy Hotel was purchased by Mitchell Waugh and other investors via an auction in 2010, and since acquiring the beachfront hotel, the group conducted a wholesale renovation in October 2014.
Boasting unparalleled northerly coastal views, the Collaroy Hotel is set to be added to the growing stable of A-grade Merivale hospitality properties; which include Coogee Pavilion in Sydney’s Eastern Suburbs; and the nearby, eponymous, The Newport.
Exclusive agent for the off-market sale Andrew Jolliffe would not be drawn on price, however it confirmed his view that the national hotel market was still exhibiting strong investment fundamentals.
“When we think about some of the transactions we’ve overseen in the past few months, we think about the sale of Newtown’s iconic Marlborough Hotel, Australian Pub Fund’s Kinselas Hotel sale to the Universal Hotel Group; and the
Coolibah Hotel to a generational pub family,” Mr Joliffe said.
“All significant sales and all to significant hospitality entities who continue to identify A grade assets within the asset class as being appropriate portals for the deployment of considered capital.
“This firmly suggests to us advocacy, sustainability, and the unmistakable attraction the hospitality market enjoys by comparison to other would be competitors for share of the investment dollar.
“The discreet sale of the beachfront Collaroy property to Justin Hemmes is only further testimony to this widely held theory,” he said.