Leading Sydney hotel sale the highest transaction of the year
The imposing Macquarie Hotel, located in the heart of the Liverpool CBD, has been sold by HTL Property in a deal representing the highest transaction value for 2020.
The off-market transaction, negotiated exclusively by HTL Property Directors Dan Dragicevich and Andrew Jolliffe, brings to a close the private equity backed Joel Fisher and James Smithers led Monarch Hotels fund. Prior to the sale of the Macquarie Hotel, Monarch periodically engaged the services of HTL Property to successfully sell the fund's Sydney properties including the Banksia Hotel, Belmore Hotel and the Lidcombe Hotel.
The sale of Monarch Hotel’s assets follows HTL’s sale of Fisher’s Illawarra based Denfish portfolio to listed company Redcape in 2019 for $50m.
"We're pleased to have delivered our client another benchmark sale, and one which serves to support our consistent and public advocacy for the comparative attractiveness of the hotel property market in times of broadscale uncertainty" advised HTL Property National Pubs Director, Dan Dragicevich.
The Macquarie Hotel, a multi-storey commercial property enjoys double street access across its 1,062sqm* holding; and separately benefits from significant public car parking facilities and the Liverpool Westfield shopping centre, both of which occupy close proximity.
"The Liverpool CBD and broader LGA is particularly highly sought after by local and interstate investors, and few properties incorporate the scale, positioning and indefatigable revenue consistency of the Macquarie Hotel asset" added Dragicevich.
Ranked 61 in NSW for gaming venues in the latest state based rankings, the hotel has been discreetly sold to one of Australia's leading pub families.
The sale of the Macquarie Hotel was conceived at the onset of the current pandemic disruption, and successfully concluded within the same period.
"This achievement follows the skilled contribution of numerous specialist parties not limited to expert lenders and lawyers, and was benefited by Vendor and Purchaser entities recognising the opportunity in this current low interest rate environment to prosecute mid to long term strategic objectives" commented HTL Property Managing Director, Andrew Jolliffe.
"This is the firm's 25th property sale nationally this calendar year to date, and whilst trading at a discount to the same transaction volume period last year, at $292m in consolidated industry sales in 2020 so far, we've never been more actively engaged with our buyer universe than at this specific point in time" concluded Jolliffe.
HTL Property, 20th August 2020
