Following setting the record sale price paid for a Newcastle hotel earlier this week with the sale of the Kent Hotel, HTL Property has now sold Sydney’s Belmore Hotel to former Sydney Lord Mayor and highly regarded philanthropist, Nelson Meers AO for approximately AUD$50m.

Meers acquired the hotel via an off-market approach through leading agents Dan Dragicevich and Andrew Jolliffe.

Mr Dragicevich said the sale of the Belmore Hotel was illustrative of a dynamic market place based both upon the number of sales concluded and the average price paid per sale.

“This year has been punctuated by some material sales of typically hard to dislodge leading gaming assets, with Allawah Hotel sold to Justin Hemmes for 33m, Raby Tavern at 35m, St George Tavern at 47m and now the Belmore Hotel at 50m all in the last 8 weeks” he said.

The Belmore Hotel was sold by the Joel Fisher led Monarch Hotels, which has been in the process of divesting its portfolio over the last couple of years; having already sold Banksia Hotel to Patrick Ryan and the Lidcombe Hotel to Kent Walker over the last 12 months.

Following the sale of the Belmore Hotel this week, Monarch Hotels is left with one Hotel in the form of the top 50 ranked Macquarie Hotel in Sydney’s burgeoning South-Western suburb of Liverpool.

The Belmore Hotel is a top ranked gaming venue that is ideally positioned within Belmore’s bustling local retail precinct adjacent to the transport interchange, and only recently underwent a full renovation.

Monarch Hotels Operations Manager James Smithers said it had proven itself to be a perennial top 35 gaming asset.

"The completion of this transaction aligns with our original divestment strategy," he said. 

"We congratulate Nelson Meers on the acquisition, and cannot think of a better custodian to take the asset forward."

The sale of the Belmore Hotel maintains HTL Property’s National run rate of one hotel sold per week this year.

Mr Jolliffe said the market place for this hospitality and leisure indexed asset class was, on a national basis, delivering "wholly rewarding results to all stakeholders”.

“The consistency and prosperity enjoyed warrants the focus it now firmly enjoys from alternative asset class investors, who are unapologetically indiscreet regarding their desire to place capital here” he said.

“HTL Property has invested significantly in both technology and its people this year, and the results of which are pegged against providing a deeper value and service proposition for its clients."

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