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After only one week on the market, Lantern Hotels advised today that it has sold its top gaming hotel, the Five Dock in Sydney's Inner-West.
The sale of the Five Dock, by leading hotel broker Asia Pacific Director Andrew Jolliffe for $28.75m, represents a 38% premium to the 30 June 2016 book value.
Other notable Lantern Hotels sales have included Sydney’s El Toro at $24m and Uncle Bucks in Mt Druitt for $25.3m.
However successful agent Jolliffe believes the top billing sale of the Five Dock Hotel was brought about because of the quality of the property. "In effect, the market had been anticipating the sale of this prominent hospitality asset for some time;and the interest generated from the beginning of the sale campaign was commensurately strong" advised Jolliffe.
"The Five Dock Hotel has performed very well since the recent introduction by Lantern Hotels of some modest capital, and I wholly expect the successful purchaser to unlock the inherent value so patently available with the benefit of time," Jolliffe concluded.
The sale of the Five Dock Hotel adds to Jolliffe's record of significant national hotels sales this year, which have seen him awarded the Number 1 international agent award for the second consecutive year. Other recent sales by Jolliffe have included the Woollahra, Commodore, Colombian and Crowne Plaza Terrigal hotels. Jolliffe is currently selling the Clovelly, Tennyson and Figtree Hotels in a very strong market of activity to round out 2016.
