Sale of the last of Damian Kelly’s portfolio has been finalised, finding new keepers for the large-format North Nowra Tavern and Crown Hotel of Surry Hills.
These sales follow those of the Rose & Crown Hotel in Parramatta and the Corrimal Hotel in Wollongong for a combined $74.5 million.
The second half of the portfolio has attracted a combined $52 million, taking the total significantly higher than initial expectations and book values.
Triggered by a partnership dispute, the portfolio was directed to market in January, after Wexted Advisors were appointed.
“We’re most satisfied with the sale quantum and process, and buoyed by the market appetite the campaign highlighted,” advised Wexted director, Andrew McCabe.
Previously owned by the listed Lantern Group, the Crown Hotel has been bought by Surry Hills staples, Universal Hotels.
Purchaser of The Tav of North Nowra has not been disclosed, but it has been reported the pub sold for $23 million.
Q1 of 2022 has leapt to new milestones in hotel real estate, bringing record transactions in the $160 million sale of the Crossroads Hotel Casula, Oscars buying Newcastle’s Caves Beach, and Harvest buying the Victoria Hotel Wagga Wagga.
On par or greater with the frenetic activity of 2021 that saw 100 hotels sold in NSW alone, agents say the activity is unsurprising given the depth of buyer interest.
“The price points achieved reflect a continuation of the firm yields successful investors are regularly applying in order to secure assets of this quality,” explains Andrew Jolliffe, MD of HTL Property, which managed the portfolio sell-down.
