Unique hotel licence sold for undisclosed price
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Unique hotel licence sold for undisclosed price
While the Argyle Street Hotel no longer exists, the licence it held has just been sold through Nick Butler of JLL Hotels & Hospitality Group
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Manenti Quinlan and AssociatesNick Butler, Senior Vice President of JLL Hotels and Hospitality Group
A unique sale took place recently with that of the full hotelier's licence of the former Argyle Street Hotel in Parramatta.
The Argyle Hotel once stood at 111-127 Argyle Street, Parramatta and came with the licence in question.
It had previously been known as Stallions, then Paradise and finally the Argyle St Hotel.
At the beginning of the 21st century the plot had been compulsorily acquired to build a new bus terminal but this never eventuated.
The block, along with the licence, came up for sale in 2016 and while the block sold, the licence has now been divested from it and bought by an undisclosed buyer.
The licence sale is under strict confidentiality but includes 15 gaming machine entitlements and 14 poker machine permits.
With gaming legislation continuing to evolve, the acquisition and divestment of licences and entitlements requires specific expertise that can only be provided by specialist hotel brokers such as JLL Hotels & Hospitality Group who navigated the sale.
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