Halcyon continues pub buying spree

The ambitious Halcyon Hotel Group (HHG) has picked up another iconic Sydney hotel, its second acquisition in a matter of weeks.

The Buena Vista Hotel occupies nearly 900 square metres over two levels in the “significantly under-pubbed” North Shore haven of Mosman, and was recently renovated to add an open air dining terrace and bar.

It was keenly contested in an off-market transaction through Jones Lang LaSalle, after 22 years in the hands of Newhaven Hotels.

JLL National Director, Hotels & Hospitality John Musca told TheShout he was very pleased to have been part of the transaction of such a “triple-A quality asset”.  

Buena Vista Hotel, Mosman

The $13 million purchase comes hot on the heels of Halcyon’s acquisition of Woollahra’s Centennial Hotel, which it plans to relaunch with a renewed emphasis on dining.

Musca says Halcyon’s activity is indicative of a strong pub market, with the Paddington Arms also selling last week to an ambitious undisclosed operator and the recent $6 million sale of the Lansdowne Hotel in the booming Broadway/Central Park precinct. 

“They highlight the unabated demand for hotels in prime positions, with more off-market sales to be announced shortly.” 

Source:  The Shout - 17 February 2014