Matt Moran snaps up the Marlborough Hotel
Celebrity chef Matt Moran and his business partner Bruce Solomon have bought the iconic Marlborough Hotel in Sydney’s Newtown for an amount reportedly between $30 million and $35 million.
Long-time business partners and mates, former Qantas boss Geoff Dixon and adman John Singleton sold the pub, known around the traps as the Marly, in a deal reported to have delivered them a $20 million profit.
The fund has sold five pubs in as many months. Pubs offloaded include the Toxteth pub sold to Mitchell Waugh's Public House Management Group for $10 million, the Peakhurst Inn for $22.5 million, the Bristol Arms for $19.5 million and the Como for about $5.5 million.
Other pubs in the portfolio to go on the auction block include Kinselas in Darlinghurst, Unity Hall in Balmain and the Vic on the Park in Marrickville. Two Brisbane pubs, the Stock Exchange and Elephant Arms, are also going on the market.
The Marly was in their Australian Pub Fund (APF) portfolio which the two businessmen run with well-known investor Mark Carnegie. They have sold the pub to reinvest the takings in new ventures.
The acquisition is all part of the expansion plans of Mr Solomon’s Solotel group.
A few months ago, Solotel took over the Eastern suburbs beachside-based Clovelly Hotel, which it plans to upgrade into a "foodie" pub. It also owns numerous other hospitality businesses around Australia.
These include Opera Bar, the recently refurbished Aria restaurant at Sydney's Circular Quay and The Paddington Inn, as well as Double Bay's The Sheaf and Woollahra's Chiswick.
"Solotel is delighted to add to the Marlborough Hotel to the existing four hotels we manage in the Newtown area," Mr Solomon told goodfood.com.au.
The group plans to be running more than 30 hospitality businesses in Sydney and Brisbane.
It has also zeroed in on hotel czar Justin Hemmes' Merivale Group, whose venues include the Ivy on George Street,The Newport, The Paddington and Coogee Pavillion.
by Leon Gettler, April 13th 2017
