Another Famous Eastern Suburbs Hotel Changes Hands
Only weeks after coordinating the very public sale of the Four in Hand Hotel in Sydney’s suburb of Paddington, recently formed HTL Property have now announced the off-market sale of the nearby Bellevue Hotel.
The Bellevue Hotel, once owned by John Singleton with close mate and ex Qantas CEO Geoff Dixon, was sold this week to Royal Hotels, which is owned and operated by the highly regarded Malouf family.
Vendors for the sale of the Bellevue Hotel, WDS Hotels, had conducted an extensive renovation shortly following acquisition of the hugely popular Woollahra institution in 2014. “We’ve enjoyed a successful four years of ownership at this great hotel, and following complete renovation and repositioning, formed a decision to focus on our existing portfolio which includes the Fortune of War Hotel, and in doing so to recycle the capital into another opportunity we’re considering” commented WDS director Steven Speed.
"Paddington, as a hospitality precinct, has proven popular with investors in recent times with the sale of the Bellevue being the third Hotel sold in the suburb in the last 12 months. It now seems most of the larger Sydney-based hospitality groups have a footprint in the area and we look forward to seeing Royal Hotels take the Bellevue forward." advised Dan Dragicevich.
“We’ve been fortunate to manage the sale of a number of hotels in the Eastern Suburbs if Sydney over the past year, and in addition to the sale this week if the Bellevue Hotel, contest that the hospitality property market on the Eastern Seaboard of Australia is both active and strengthening” concluded Andrew Jolliffe.
Representatives of HTL Property would not confirm the sale price paid.
Source: HTL Property, 8th October 2018
