Gallaghers refining Sydney hotel portfolio
The name behind the country's best-known Irish pubs has dropped one of its venues and adopted two more.
Now holding the keys to seven venues, Gallagher Hotel Management has sold one of its well-branded locations, PJ Gallaghers at Drummoyne, to hotelier and residential property developer, Iris Group.
The sale of the Drummoyne pub included a large cash settlement plus the deeds to Balmain's Monkey Bar.
The transaction was brokered by Jones Lang LaSalle Hotels, and national director John Musca said it was 'complementary to the Iris group's existing portfolio of large, prominent hotel businesses at the Hunters Hill Hotel and the Clovelly Hotel'.
"It also follows on from their acquisition of the PJ Gallaghers in Parramatta 18 months ago for a similar sum," he said.
The news comes hot on the heels of the opening of the Gallaghers' beautiful new French-themed venue in central Sydney CBD, Le Pub, last Thursday night.
Speaking with TheShout at the new venue, Patrick Gallagher was excited about the new challenges.
"[Thursday] night was great, we had a big crowd. We invited a lot of local people, from upstairs and the building next door, so the majority of people were locals. I've got to say, Ange (Gallagher, wife) has done a really good job."
Gallagher revealed that the The Monkey Bar could become the next Le Pub.
"I believe that area would be well-suited to this kind of offering".
The new venue was officially opened by NSW Attorney General Greg Smith, with AHA NSW President Scott Leach and CEO Paul Nicolaou joining Coffs Harbour MP Andrew Fraser, Regional Health Parliamentary Secretary Melinda Pavey, former Labor Attorney General John Hatzistergos, Liberal Party powerbroker Michael Photios, former Liberal Leader Kerry Chikarovski, Pottinger CEO Cassandra Kelly, and Representative for Londonderry Bart Bassett in attendance.
Le Pub takes inspiration from Paris' Metro underground railway system and is a ramped-up continuation of the French theme they began in the Union Hotel in four years ago.
It boasts exclusive French cognacs and bottle-fermented cider served in ornate cider bowls, tiled mosaics and strategic graffiti.
In early 2011 the Iris Group put up a cash settlement and the deeds to a $5 million Drummoyne apartment for PJ Gallaghers Parramatta, maintaining the Irish theming and re-naming it to simply PJs.
Sources tell TheShout that their intentions are to do the same with the Drummoyne venue.
Source: The Shout, 29 October 2012
