Loved Paddington pub sells for $8M

The much loved Paddington Pub Four in Hand has been sold for $8.25 million to a private operator, two years after local residents saved it from demolition.

In 2018, John Azar's Good Beer Company paid just over $7 million to keep the eastern suburbs pub running.

"It's quite bittersweet selling the Four, it has such a great local and loyal following and everyone loves it; we wish the purchasers every success with it and look forward to seeing them down there," Mr Azar said.

JLL Hotels' senior vice-president Ben McDonald and national director John Musca finalised the deal.

Mr McDonald said the sale had brought about “significant enquiry, the pub attracted interest from hoteliers and hospitality identities looking to build on the hard work undertaken by Good Beer Company, many of whom had a strong existing affiliation with the asset.

"Ultimately, the chance to secure such a loved community hotel was the driver for the purchaser, a private, Sydney-based hotelier who is set to take the keys in January 2021."

According to Mr Musca, JLL Hotels has now transacted over $260 million worth of hotel assets in the last two weeks including the sale of the Four In Hand. 

"This speaks volumes about the overall interest and buoyancy of the NSW hotel market," said Mr Musca

AHD - 2nd December 2020