Fraser Short has inked a deal with partner and pub legend Arthur Laundy for Laundy Hotels to buy out Short’s interest in their jointly owned portfolio of award-winning hotels.
The deal is around the partnership venues of Watsons Bay Boutique Hotel, Park House Mona Vale, Northies at Cronulla, Lennox Head Hotel, Illawong Hotel and The Farm at Byron Bay, and thought to be worth up to $300 million.
Laundy Hotels entered an agreement a decade ago with Short, with the investment of $10 million dollars for a 50-50 venture that has gone from strength to strength.
More recently, Short has resumed the role of CEO at his own outfit, Sydney Collective, which he says really “sharpened my focus” on what he wanted from life.
The decision to cash-in hasn’t been an easy one, and comes after a long time in the game.
“I think it’s fair to say I’d have to get really excited about a venue to invest in it,” says Fraser. “I’d have to find something that really pumps my tires. But in saying that, never say never.
“I genuinely think a bit of time to not run 1200 staff and do 80-hour weeks is on the cards for me.”
Sydney Collective still holds a strong collection of hospitality venues, including The Morrison, The Republic Hotel Sydney, Sir George Hotel and the Imperial Hotel in partnership with Scott Leech.
Short says he is in “deep discussions” on some of the venues, which will be divested in the next two months, and decisions are to be had around some of the others, but he believes he will “always have one or two” hospitality businesses.
“The past several years have really crystallised what is important to me and where I’d like to place my energy moving forward.
“My late father Warwick, also a very successful publican sadly passed away at 60 years young and I’m only a few laps away from 50. Whilst I’m not planning on going anywhere soon, it’s fair to say that’s always at the back of my mind.
“I have four amazing kids now, a wonderful wife and after decades of building multiple businesses and dedicating my life to hospitality, it has taken me away from many special family moments.”
Himself increasingly stepping away from the day-to-day, Arthur Laundy stated he is proud of what they have achieved as a family, and with “some great partners” along the way.
“Fraser’s partnership is one of those and the portfolio of hotels we have developed together are world class.
“We have enjoyed a great relationship with Fraser for the past 10 years and would be excited to do things in the future again if the opportunity arose.”
Known for his varied interests and business acumen, heading up two highly successful hospitality empires, the path forward for Short might have been anything.
“And it still could be,” he muses.
“I know I don’t want to be sitting at the front of the ship. I’ll find something; there’s plenty of opportunities out there.
“I’m never going to be sitting still, but I think let’s get a few things sorted and have a breather and then I’ll work out exactly where I want to point the horses.”
Great move Fraser