A top gaming hotel has sold for $25 million, in one of the State’s “fastest growing LGAs”.
The Macquarie Hotel, in Liverpool in southern Sydney, is currently ranked #57 on the OLGR gaming venues list, and boasts 30 EGMs and a 24-hour licence.
The outgoing owners, JDA Hotels, held the property for nearly 30 years. The incoming is an experienced operator, who has chosen to be not identified at this stage and did not reply to contact by PubTIC.
It is the second big gaming venue sale in a week, following last week’s big-dollar purchase of the Oasis on Beamish, by the alliance between publican Nelson Meers and investment bank Moelis & Co.
Sale of the Macquarie was through JLL Hotels, and national director John Musca suggests the transaction is yet another in “one of the most frenetic starts to the year since 2007”.
“With Liverpool designated as NSW third city and earmarked for circa 500,000sqm of additional commercial and retail development, the business drivers for this asset are undeniable,” said Musca.
“In a tightly held asset class JLL have a pipeline of over $50m of further hotel transactions to announce soon, so with the cost of debt under four per cent and hotel trading trajectories extremely robust, the market’s renewed appetite for burgeoning town-centre hotels continues.”