Leading Sydney gaming hotel sold through HTL Property
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Leading Sydney gaming hotel sold through HTL Property
The Macquarie Hotel, located in the heart of the Liverpool CBD, has been sold by HTL Property Directors Dan Dragicevich and Andrew Jolliffe in a deal representing the highest transaction value for the asset class in 2020.
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HTL PropertyThe exterior of the Macquarie Hotel Liverpool.
The off-market sale of the Macquarie Hotel in the Liverpool CBD has reportedly set a new benchmark for transaction value of the asset class in 2020.
Negotiated exclusively by HTL Property Directors Dan Dragicevich and Andrew Jolliffe, the gaming venue was discreetly sold to one of Australia's leading pub families for an undisclosed amount.
The transaction signals the end of Joel Fisher and James Smithers-led Monarch Hotels fund, which has periodically engaged the services of HTL Property to successfully sell Sydney properties including the Banksia Hotel, Belmore Hotel and the Lidcombe Hotel.
At a glance:
- The Macquarie Hotel in the Liverpool CBD has been sold off-market to one of Australia's leading pub families for an undisclosed amount.
- The multi-storey Macquarie Hotel, which is Ranked 61 in NSW for gaming venues in the latest state based rankings, enjoys double street access across its 1,062-square-metre* holding, while also benefitting from proximity to significant public car parking facilities and the Liverpool Westfield shopping centre.
- The transaction was brokered by HTL Property Directors Dan Dragicevich and Andrew Jolliffe.
The sale of Monarch Hotel’s assets follows HTL’s sale of Fisher’s Illawarra based Denfish portfolio to listed company Redcape in 2019 for $50m.
The multi-storey Macquarie Hotel, which is Ranked 61 in NSW for gaming venues in the latest state based rankings, enjoys double street access across its 1,062-square-metre* holding, while also benefitting from proximity to significant public car parking facilities and the Liverpool Westfield shopping centre.
Source: Macquarie Hotel
Mr Dragicevich said the sale of the hotel served to support HTL Property's "consistent and public advocacy for the comparative attractiveness of the hotel property market in times of broadscale uncertainty".
“We’re pleased to have delivered our client another benchmark sale," he said.
“The Liverpool CBD and broader LGA is particularly highly sought after by local and interstate investors, and few properties incorporate the scale, positioning and indefatigable revenue consistency of the Macquarie Hotel asset."
Source: Macquarie Hotel
Mr Jolliffe said the transaction was conceived at the onset of the current pandemic disruption, and successfully concluded within the same period.
“This achievement follows the skilled contribution of numerous specialist parties not limited to expert lenders and lawyers, and was benefited by Vendor and Purchaser entities recognising the opportunity in this current low interest rate environment to prosecute mid to long term strategic objectives," he said.
“This is the firm’s 25th property sale nationally this calendar year to date, and whilst trading at a discount to the same transaction volume period last year, at $292m in consolidated industry sales in 2020 so far, we’ve never been more actively engaged with our buyer universe than at this specific point in time."
*Approximately
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