The hotel, currently ranked 169 in the State's top 200 gaming hotels, and the recipient of a recent extension of trading hours windfall until 2am, is situated opposite Padstow train station on a 2,700 sqm block.

Jolliffe advised that the auction room was again well supported by astute purchasers, and consequently a number of bids were received.

"Our auction sale record is now sitting at an 86% success rate, something we are very committed to upholding and growing" said Jolliffe.

"The hotel received an extraordinary level of interest, albeit commensurate with the quality of the opportunity, via the on-market campaign process; and was ultimately purchased for $26,000,000 by JDA hotels who enjoyed a management agreement at the hotel" confirmed Jolliffe.

The hotel was purchased by White & Partners in 2014 for $13.7m when sold by Wesfarmers hospitality arm Coles Liquor.

"The market remains particularly active at present with the bandwith of sales for A grade hotels operating between 7% and 8.5%" commented Jolliffe.

Further citing the continued stability and low cycle point for interest rates, and the increasingly benign landscape for legislative headwinds.

Speaking on behalf of the purchaser, John Feros said he was pleased with the outcome. "We clearly know the hotel, and have a good appreciation of the area; having operated hotels in that part of Sydney for decades" said Feros.

"We are active buyers in the market, and will continue to seek and transact upon well located opportunities where we see we can add value" Feros concluded.

"Nationally, this industry is better funded, guided and operated than at any other time in its long history" said Jolliffe.

"Lending itself to continued market strength and investment grade longevity" Jolliffe concluded.

Ray White Hotels Australia has another $80m worth of hospitality assets currently under agreement, including the Ophir Tavern in the State's South West which the firm sold on behalf of Sydney based P.E. firm EBC Capital last Friday following an EOI campaign.

Jolliffe was recently announced the number one agent globally for the 1,000 office Ray White Group, Australia’s largest real estate group with over $45bn in annual revenues. Click here to read more about this award.

Click here to view Andrew Jolliffe's profile on The Hotel Conversation.

To discuss the sale in further detail contact Andrew Jolliffe or Blake Edwards of Ray White Hotels via the below contact details.

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