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Ray White Hotels Australia’s Joel Fisher and Asia Pacific Director Andrew Joliffe have sold Paddington’s Royal Hotel off market to the newly formed Public House Group headed up by Mitchell Waugh.
This latest sale brings the tally up to 15 hotels sold in 11 weeks for the Ray White Hotels group, and a run over the last two months which now tops $200 million in sales.
Built in 1888, the prominent and hugely popular watering hole has recently undergone a $4m renovation which now includes a stunning rooftop bar with views of the city skyline.
Joliffe and Fisher also negotiated the sale of the Beauna Vista Hotel in Mosman to the Public House Group for $16m, after it was sold 12 months earlier for around $13m.
The Public House Group represents a number of discreet private investors eager to participate in the thriving hotel industry.
"We're multi-generational hoteliers who have been actively watching the market for blue chip opportunities" commented Public House Group's Mitchell Waugh. "We have a stable of private investors who, like us, are keen to grow our hotel group platform and position our vehicle for the next 10 years" said Waugh. "It's an exciting time" he added.
The sale of the Royal Hotel directly follows other high profile sales by Andrew Jolliffe and Joel Fisher over the past 8 weeks including The Newport Arms, Buena Vista, Woolloomooloo Bay Hotel, Woolwich Pier, Panania and Light Brigade Hotels.
"We've represented some significant hotel industry families over the past few months including the Bayfields, the Feros, Haritos and Medich families, and we are delighted that the Kelly family have also engaged us to deliver a strong outcome for them in relation to this sale." advised Fisher.
The off market sale was negotiated late last week and neither Fisher or Jolliffe would be drawn on price.
"We represent professional family and corporate entities who engage us because we're less interested in disclosing their private information, and far more focused upon outperforming their expectations" added Fisher.
"This market is continuing to improve with all key investment indicators promoting confidence in the sector" commented Asia Pacific Director Andrew Jolliffe. "Liquidity and accessibility to well priced debt markets, relative clarity around the legislative horizon and strong revenue attraction across all profit centres makes for some compelling investment arguments" he added.
"As a company we're enjoying some very positive momentum currently, and clearly that's pleasing; but whilst we enjoy a particularly strong database of vendors and purchasers, our philosophy really is quite simple in that we run robust yet wholly transparent sale programs that people on both sides of the transaction feel comfortable participating in. Unless you want it to be, it's really no more complicated than that" concluded Jolliffe.
