Merivale buys Coogee hotel

Acquisitive hospitality group Merivale has extended its reach into Sydney’s eastern suburbs with the purchase of Coogee’s historic Beach Palace Hotel. 

The “exciting addition” was confirmed today and represents the third new venue for Merivale in a matter of weeks, with the former Trumps Tavern and Paddington Arms recently added to its portfolio. 

Merivale boss Justin Hemmes described the Beach Palace as “an amazing opportunity” for the group. 

“There are very few iconic beachside venues like this in Australia, both in terms of scale and location,” said Hemmes. “I’m extremely passionate about this property and really excited about opening something special for the local community and Sydney. 

“The Beach Palace has long been a landmark property in Coogee and we have great plans to bring it to life.”

The venue has been immediately closed for extensive renovation. Merivale said in the announcement that “further details and plans for the site will be announced in due course”. 

The sale - believed to be worth in excess of $20 million - was brokered by Jones Lang LaSalle’s John Musca, who told TheShout he could not disclose any details about the transaction.

“It's an absolute pleasure to be involved in the rejuvenation of a rare and much-loved Sydney landmark, and ultimately the establishment of an iconic beachside hotel of truly international note.  We congratulate all parties,” he said. 

The owners of the neighbouring Coogee Bay Hotel, Christopher Cheung’s C-Inc, were contacted but unable to provide a comment in time for this bulletin.

Source:  The Shout - 3 April 2014