The Lorne Hotel sold to Justin Hemmes Merivale group $38 m by JLL
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The Lorne Hotel sold to Justin Hemmes Merivale group $38 m by JLL
Hospitality giant Merivale have acquired their first pub in Victoria, with the purchase of the Freehold Going Concern of Victoria’s coastal icon, the Lorne Hotel. The transaction was brokered exclusively off-market by JLL Hotels & Hospitality Group’s Managing Director, John Musca and Vice President, Will Connolly.
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JLL HotelsHospitality giant Merivale have acquired their first pub in Victoria, with the purchase of the Freehold Going Concern of Victoria’s coastal icon, the Lorne Hotel. The transaction was brokered exclusively off-market by JLL Hotels & Hospitality Group’s Managing Director, John Musca and Vice President, Will Connolly. -
JLL HotelsHospitality giant Merivale have acquired their first pub in Victoria, with the purchase of the Freehold Going Concern of Victoria’s coastal icon, the Lorne Hotel. The transaction was brokered exclusively off-market by JLL Hotels & Hospitality Group’s Managing Director, John Musca and Vice President, Will Connolly. -
JLL HotelsHospitality giant Merivale have acquired their first pub in Victoria, with the purchase of the Freehold Going Concern of Victoria’s coastal icon, the Lorne Hotel. The transaction was brokered exclusively off-market by JLL Hotels & Hospitality Group’s Managing Director, John Musca and Vice President, Will Connolly.
Hospitality giant Merivale have acquired their first pub in Victoria, with the purchase of the Freehold Going Concern of Victoria’s coastal icon, the Lorne Hotel. The transaction was brokered exclusively off-market by JLL Hotels & Hospitality Group’s Managing Director, John Musca and Vice President, Will Connolly.
The $38 million sale marks this year’s largest Victorian Freehold Going Concern pub transaction to date.
“There’s literally only a handful of very special oceanfront hotels like Lorne around the country and to again have the pleasure of guiding the transition of a landmark from long-time private owners to committed industry stakeholders like Merivale, is quite special”, Musca suggested.
Just steps from Lorne’s main beach and the ultimate destination for the famous ‘Pier to Pub’ swim, the Lorne Hotel stands prominently in the heart of town with magnificent panoramic views of Victoria’s world-renowned Great Ocean Road.
“The Lorne Hotel is truly a once in a generation asset and to attract an operator of Merivale’s talents is testament to the reputation that not only the hotel has built, but also the town of Lorne itself, having rapidly become a tourist location of national significance”, added Mr. Connolly.
Owned and operated by the Upham family spanning nearly 20 years, the Lorne Hotel has formed an integral part of the Victoria tourism and hospitality economy. The hotel features a large restaurant, bistro & bar, 120-PAX function room, accommodation and extensive beer garden boasting stunning ocean views. The sale included 10 gaming machine entitlements and four adjacent holiday apartments.
“The Upham Family couldn’t think of better custodians of the Lorne Hotel than the Merivale Group. We leave knowing that the residents of Lorne and tourists that visit our beautiful town will have an amazing experience when visiting the venue. We wish them all the best”, Paul Upham said.
The hotel has seen many a transformation over the years, with it recently embracing a reinvention into a true food destination venue with the addition of ‘MoVida Lorne’ along with ‘Coda Lorne’, two of Melbourne’s most celebrated and frequented restaurants, both operating exclusively within the venue.
Justin Hemmes, Merivale CEO, said: “The Lorne Hotel is an iconic venue in a truly spectacular location. It has been an absolute pleasure getting to know John and Paul Upham, who have been the proud custodians of the venue for the last eleven years; we feel honoured to continue their legacy and help usher the pub into the next phase of its incredible 145-year history”.
The Lorne Hotel acquisition closely follows the news that Merivale will join Melbourne’s hospitality industry with the purchase of Tomasetti House on Flinders Lane, with settlement on that acquisition to occur later in the year.
Justin Hemmes, Merivale CEO, said: The Great Ocean Road property is a wonderful addition to Merivale’s burgeoning regional Australia portfolio.
“The sale is a tangible example of the commencing flow of capital across borders from the ever-tightening NSW hotel market, seeking compatible scale and brand opportunities”, Musca stated “More examples of this capital flow will follow”.
The market momentum continues with JLL having a further $250 million of pub assets under due diligence or final contract in Q2 2021 alone, with further off-market sales within Victoria to be announced in the coming weeks.
To request a sales analysis please email either of the selling agents via the below contact forms.
