News of the sale of two massive inner western pubs has emerged to herald a strong start to the year, with the Lidcombe Hotel and Royal Exchange Hotel Marrickville fetching a combined $80+ million.
The off-market sale of the Lidcombe was by Monarch Hotels, which last year was tempted to market with its Banksia Hotel by publican Patrick Ryan for around $26 million. Both pubs had seen significant gains on the Liquor & Gaming list of NSW venues.
Lidcombe is currently ranked Top25, and brought sale price north of $50 million to a Sydney-based group.
HTL Property brokered the sale to the unnamed buyer, but declined to comment. (continues below)
Meanwhile, Mick Doughan has similarly sold his Royal Exchange Hotel at Marrickville to another unnamed Sydney group for circa $33 million.
This is the first time the pub has transacted in more than 20 years, sold off-market through JLL Hotels.
Both deals bode well for a thriving hotel sector, in light of the recent soft results for residential property around Australia in the past quarter.
JLL national director John Musca declined to give further details on the deal, except to say it was “a perfect example of aligning the very different strategies and investment cycles of two respected industry stakeholders to deliver a discrete and palatable agreement in a tightly-held asset class”.