Ray White Hotels sells 14 hotels in 10 weeks

Ray White Hotels has had an impressive run over the last 10 weeks, selling a total of 14 hotels including the sale of iconic venues including the Newport Arms Hotel and Light Brigade Hotel.

According to Ray White Hotels Managing Director, Andrew Jolliffe, the influx of sales is unique.

“We haven’t seen this volume of sales in such a concentrated time before,” he said, adding that there was a varying group of sellers and investors.

One of the noteworthy sellers is the Medich family, who sold the Woolwich Hotel, Wooloomooloo Hotel and Buena Vista Hotel, with the former two purchased by the Laundy family who own hotels across the inner city and Western Sydney regions.

According to Andrew, the average yield in the 14 hotel streak is 9 per cent, with the hotels sold a combination of food, beverage and gaming related assets.

“The concentration of these hotel sales suggest that all traditional revenue centres are well supported in the market at the moment,” he said.

And according to Andrew, the streak is unlikely to end soon, with approximately $70 million worth of assets nearing off-market deal closure within the next month.

For more information contact Andrew Jolliffe, Managing Director, Ray White Hotels.