This article is from the Australian Property Journal archive
MERIVALE’S Justin Hemmes has continued his Sydney pub acquisition streak, paying $15 million to the Medich family for the Hotel Centennial in Woollahra.
It comes just weeks after Merivale picked up the Royal Hotel in Bondi for $30 million, and the Vic on the Park in Marrickville for more than $22 million last month.
In August it bought the Collary Hotel on the northern beaches for around $21 million, while last December, it paid a record $37.05 million at auction for the Tennyson Hotel in Mascot.
The transaction marks the end of the Medich family’s hotel asset divestment program as it moves into residential development. The family had acquired the Hotel Centennial in 2014 and undertook an extensive refurbishment over the premises.
The hotel comprises a double-storey building on a 780 sqm site at 88 Oxford Street, opposite Centennial Park. It is popular with attendees of the Randwick races and sports fans or a range of codes attending matches at the Sydney Cricket Ground and Sydney Football Stadium.
The transaction was handled by Ray White Hotels’ Andrew Jolliffe.
The strong hotels market has also recently seen inner Sydney’s The Republic Hotel change hands in an off-market deal for $35 million. An Asian-based property fund acquired the four-level building in a sale and leaseback deal with vendors the Ryan family.
In September, the Allawah Hotel in Sydney’s south-west sold for around $30 million to private equity interests.
Australian Property Journal
