Redcape Hotel Group has returned to the pub sector with two transactions worth a combined $55 million. Having sold down its portfolio in the past few years, the group has acquired the Crescent Hotel in Fairfield, Sydney, for over $40 million from long time private owners. It is undergoing a $2 million renovation. It also bought the Andergrove Tavern in MacKay, Queensland, for $13 million from local identity John Cowley, where Redcape already owns the Shamrock Hotel.
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JLL national director John Musca negotiated the Redcape sales as well as Justin Hemmes' Merivale group's acquisition of the Royal Hotel in Bondi last week for $30 million, which was on the back of a $70 million 12-week spending spree for Mr Hemmes. Mr Musca said the deals reflect a latent demand for the pub sector from both private and public equity sources and, "we will shortly announce a further $30 million of hotel sales to the market".
There was also the $90 million sale of Hurstville Ritz Hotel and Cabramatta Hotel by Sydney Hotel Brokers Pty Limited. Sources say the buyer of the Hurstville Ritz Hotel is the Nelson Meers Hotel Group.
Surf's up
Adam Leacy and Chris Chapman, directors at Colliers International Newcastle, have been appointed to sell the Merewether Surf House at 5 Henderson Parade, at Merewether, Newcastle. Keith Stronach and.a syndicate of local Merewether residents own the asset, while the tenant and hospitality operator, the Green family, have a 19-year lease on the site, but are also progressively expanding their operations in Newcastle.
