Good Beer Hands over the Four - JLL
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Good Beer Hands over the Four - JLL
Sydney's Four in Hand Hotel in Paddington sold for $8.25m by JLL Hotels & Hospitality Group’s Senior Vice President, Ben McDonald and National Director, John Musca.
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JLL Hotels and Hospitality GroupFour in Hand Hotel, Paddington sold.
JLL Hotels & Hospitality Group announce the highly anticipated sale of the Four in Hand Hotel in Sydney’s Eastern Suburbs for $8.25m.
The transaction was facilitated exclusively by JLL Hotels’ Senior Vice President, Ben McDonald and National Director, John Musca on behalf of beer baron, John Azar and his ‘Good Beer Company’. Azar expressed, “It’s quite bittersweet selling the Four, it has such a great local and loyal following and everyone loves it; we wish the purchaser’s every success with it and look forward to seeing them down there”.
Four in Hand Hotel. Source: JLL Hotels and Hospitality Group.
Having rescued the asset in 2018 following the very public ‘Save the Four’ petition, which drew 12,000 signatures when previous owners considered a sale to property developers seeking to convert the architectural icon to residential units, Good Beer Company set about restoring the hotel and rebuilding the business commensurate with the reputation built on decades of loyal patronage.
The local institution has been frequented by some of Sydney’s most famous identities including the much-loved recently deceased John Fordham, who now has a private function room named in his honour at the hotel.
Four in Hand Hotel. Source: JLL Hotels and Hospitality Group.
Speaking about the transaction, JLL Senior Vice President, Ben McDonald said, “Generating significant enquiry, the pub attracted interest from hoteliers and hospitality identities looking to build on the hard work undertaken by Good Beer Company, many of whom had a strong existing affiliation with the asset. Ultimately, the chance to secure such a loved community hotel was the driver for the purchaser, a private, Sydney-based hotelier who is set to take the keys in January 2021.”
Four in Hand Hotel. Source: JLL Hotels and Hospitality Group.
This sale marks the conclusion of the strategic divestment initiative employed by Good Beer Company with the formal sale announcement of the Duke of Gloucester Hotel in Randwick earlier in the week, to industry heavyweight Justin Hemmes and his Merivale Group in a deal also brokered exclusively by JLL Hotels.
With the sale of the Four In Hand, JLL Hotels has now transacted over $260m worth of hotel assets in the last two weeks alone which speaks volumes about the overall interest and buoyancy of the NSW hotel market.
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