JLL Hotels & Hospitality announce largest pub deal of 2024 with $70m transaction
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JLL Hotels & Hospitality announce largest pub deal of 2024 with $70m transaction
The $70m transaction was brokered by JLL Hotels Managing Director, John Musca and Executive Vice President, Ben McDonald and involves the sale and purchase of two hotels - the leasehold interest of the Criterion Hotel, Sydney and the freehold going concern of the Crescent Hotel, Fairfield on behalf of the private Gallagher Hotels and Redcape respectively.
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Sold the leasehold interest of the Criterion Hotel, Sydney -
JLL Hotels & Hospitality Group have today announced the largest pub deal of 2024 as momentum continues to build in the national pub sector.
The $70m transaction was brokered by JLL Hotels Managing Director, John Musca and Executive Vice President, Ben McDonald and involves the sale and purchase of two hotels - the leasehold interest of the Criterion Hotel, Sydney and the freehold going concern of the Crescent Hotel, Fairfield on behalf of the private Gallagher Hotels and Redcape respectively.
Highlighting the variances in boardroom strategies at any given time in the property cycle, the strategic sale and purchase of each asset marks a move from both groups to capitalise on premium trading fundaments in differing geographical markets.
Mr McDonald highlighted the changing investment landscape and capital deployment opportunities as two key themes which underpinned the unfolding of the record deal. He added; “With varying investment mandates and portfolio aspirations, this deal perfectly aligns with the corporate focus for both Redcape and Gallagher Hotels at this time.”
In commenting on the transaction, Redcape Managing Director, Chris Unger noted; “The Fund is in a position to capitalise on opportunities to recycle assets and further enhance the portfolio. This deal is testament to that, and we look forward to building on the great business that Patrick and Angela Gallagher have built at The Criterion and equally wish them much success at the Crescent Hotel.”
Gallagher Hotels Managing Director, Patrick Gallagher said he was thrilled to be returning to Sydney’s thriving Western Suburbs with the acquisition of the Crescent Hotel. “Having owned and operated several venues in Sydney’s west throughout our group’s history we cannot wait to play a key role in providing heightened amenity and a sense of fun for the Fairfield community. He added; “We would like to sincerely thank Redcape for the opportunity to crystalise this transaction and the professionalism shown by the team throughout the process.”
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