The McCloy sisters have sold their award-winning Lucky Hotel of Newcastle to a new entrant to the NSW pub market, private equity banker Martin Scott and family.
Previous incarnation the ‘Lucky Country Hotel’ was a lively part of Newcastle’s pub rock scene, until its name failed it and the doors closed, in 2002.
Local family-operated property developer the McCloy Group purchased the 150-year-old building in 2008 and commenced an extensive restoration and renovation, opening the revised Lucky Hotel in August 2014 to the delight of more than 2,000 patrons on the first day.
Sisters Hayley Van de Stadt and Blake Nash (nee McCloy) acquired it from the family group in 2016, after being responsible for five AHA Awards for Excellence, including major prize ‘Overall Hotel of the Year – Country’.
“We have loved our time at the Lucky, and to contribute to the wonderful Newcastle hospitality scene has been an honour, however the time is right for us to focus on our families and let an incoming operator take the hotel into to its next chapter,” explained Van de Stadt.
Located on a 820sqm corner site opposite the new light rail, just blocks from Iris’ $300m mixed-use ‘East End’ development, the Lucky includes public bar, superb indoor/outdoor beer garden, large commercial kitchen, gaming room with 17 machines, and 30 ensuited hotel suites.
Martin Scott is the Australian head of investment firm Partnersgroup, where he has been since early 2008.
He has entered the pub game, picking up the fortuitous freehold for circa $20 million.
“It’s an exciting sector that’s always been of interest to me,” says Scott.
“I think the last few years have shown the importance of spending time together with friends in great hospitality venues. Disruption has hit many markets globally, but this sector is one that will always remain relevant and do well if the offering is right. A good venue, with good service, food and atmosphere is all people want.
“And even better to be supporting growing locations such as Newcastle.
“My plan is to stay in private equity, however will build a broader portfolio of hospitality assets with lead operators running them.”
The sale follows a strong run of Central Coast and Newcastle transactions, including Harvest into the Woy Woy Hotel, the sale of Stephen Hunt’s Duke of Wellington, and a syndicate taking the Grand Hotel in Newcastle.
“Hayley and Blake have built an iconic Newcastle business, but both with babies on the way, it was the right time to exit, and our purchaser will greatly benefit from their foundations,” says JLL Hotels’ Kate MacDonald, who brokered the deal.
