Five Islands Hotel Cringila sold to New Pub Fund Ludlow Hospitality by JLL
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Five Islands Hotel Cringila sold to New Pub Fund Ludlow Hospitality by JLL
New Sydney-based pub fund Ludlow Hospitality CEO and Founder Paddy Coughlan has confirmed their first acquisition with the purchase of the Five Islands Hotel Cringila sold for $20.7 million. The off-market sale was managed by JLL Hotels & Hospitality Group Managing Director John Musca and Vice President Kate MacDonald, on behalf of Oscars Hotels.
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JLL Hotels & Hospitality GroupNew Sydney-based pub fund Ludlow Hospitality CEO and Founder Paddy Coughlan has confirmed their first acquisition with the purchase of the Five Islands Hotel Cringila sold for $20.7 million. The off-market sale was managed by JLL Hotels & Hospitality Group Managing Director John Musca and Vice President Kate MacDonald, on behalf of Oscars Hotels.
New Sydney-based pub fund Ludlow Hospitality CEO and Founder Paddy Coughlan has confirmed their first acquisition with the purchase of the Five Islands Hotel Cringila sold for $20.7 million. The off-market sale was managed by JLL Hotels & Hospitality Group Managing Director John Musca and Vice President Kate MacDonald, on behalf of Oscars Hotels.
With the Ludlow senior executive featuring some of New South Wales most experienced hoteliers including former Riversdale founder Paddy Coughlan, the fund also counts New York high net worth family offices amongst its unitholders.
“We are delighted to launch the new Ludlow Hospitality Fund with such a quality cornerstone asset and for the opportunity to become part of the local Cringila community”, CEO and Founder Paddy Coughlan stated.
Having recently undergone an impressive renovation, the Five Islands Hotel occupies a 2,314sqm site with impressive new public and lounge bars, bistro, gaming room with 22 PMEs, 12 accommodation rooms and on-site car parking.
Mr Musca suggested “We continue to experience the convergence of compelling investment metrics, differing capital profiles and latent asset demand that is driving an extraordinary level of transactional activity, in what remains a highly regulated and protected asset class”.
The transaction is the second divestment of a non-core asset by Oscars Hotels recently with JLL’s sale of the Strand Hotel, Darlinghurst in May. With 30 venues across New South Wales, the group are moving towards a national hospitality platform recently acquiring Long Island off Airlie Beach in Far North Queensland from former Rothschild Director, David Kingston.
Testimony to the market strength is that JLL have over $200 million of hotels currently in various stages of contract or negotiation nationally, evidencing the strongest first half of activity in 15 years.
“Market enthusiasm remains across all hotel business profiles evidenced by the disproportionately large number of transactions being affected in an off-market manner”, Kate MacDonald suggested.
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