Blue Mountains icon sold after 47 years of private ownership
JLL Hotels & Hospitality Group in conjunction with Knight Frank, is delighted to announce the successful sale of the New Ivanhoe Hotel in Blackheath to prominent hoteliers Ray Reilly and Adrian Guest.
Following numerous unsolicited offers, long-term owner Kerrie Ray exclusively appointed JLL Vice President Kate MacDonald and Knight Frank Director Mike Wheatley to manage an on- market Expressions of Interest campaign. The opportunity was hotly contested with multiple bids submitted, however it was the combination of experienced hoteliers Ray Reilly and Adrian Guest who were the successful parties.
Reflecting on her 47 years in the hotel, Ms Ray looks forward to watching the Ivanhoe move into its next chapter and says, “Thank you to all of the staff and loyal customers over all these years.” The hotel is situated on a ~1,500 sqm high-exposure corner lot along the Great Western Highway
in the popular Blue Mountains, only 90 minutes from Sydney’s CBD. The sale includes a 3am trading approval, 8 gaming machines, 14 well-presented accommodation rooms (3 with ensuites) and a manager’s residence. The small drive-through bottle shop at the hotel has enjoyed consistent trade as the only drive-through in Blackheath and one of only two bottle shops within a 10km radius.
New to the Mountains, operator Adrian Guest is looking forward to a new challenge, “It certainly won’t be easy to fill Kerrie’s shoes, but we’re excited to work with the local community to deliver an enhanced version of the local pub that they already know and love.”
Speaking on the sale, JLL selling agent Kate MacDonald had this to offer “The New Ivanhoe Hotel is a real gem of our industry, and the highly competitive sales process demonstrates the continued investment desire for long-held family assets underpinned by strong trading fundamentals.”
Knight Frank’s Mike Wheatley continued, “Kerrie and her family have been outstanding custodians, and we are proud to have assisted in passing the baton to genuine publicans who will pay respect to the Ray family legacy.”
This sale adds to significant announcements by JLL Hotels following the $28m sale of Glenquarie Tavern – NSW’s largest ever leasehold transaction, the $51m sale of Windsor Castle Hotel in Maitland – the largest ever inland regional pub sale, and of course the high-profile listing of Australia’s greatest hotel – The Oaks, Neutral Bay with price expectations of $175m+.
JLL Hotels & Hospitality Group, 8th August 2022
