Merivale Fetches ‘The DOG’ - The DOG Randwick sold by JLL
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Merivale Fetches ‘The DOG’ - The DOG Randwick sold by JLL
John Musca and Ben McDonald of JLL Hotels & Hospitality Group are delighted to announce the Duke of Gloucester Hotel Randwick sold to Merivale Group from prominent Sydney hospitality operator, Good Beer Co for circa $32 million.
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JLL Hotels and Hospitality GroupThe DOG Randwick sold.
JLL Hotels & Hospitality Group is delighted to announce the high-profile sale of the Duke of Gloucester Hotel in Randwick to Merivale Group from prominent Sydney hospitality operator, Good Beer Co for circa $32 million. Another transaction in a series of recent NSW pub sales by the hotel brokerage specialists. The hotel adds to Merivale’s impressive list of Sydney Eastern Suburbs icons including the Royal Hotel Bondi, the Coogee Pavilion and the Centennial Hotel, Woollahra.
The DOG Randwick bistro. Source: JLL Hotels and Hospitality Group.
The discreet sales campaign was negotiated exclusively by JLL’s National Director, John Musca and Senior Vice President, Ben McDonald and attracted significant interest from a wide ranging, established investor set including hoteliers, unlisted investment funds, family offices and High Net Worth individuals.
Good Beer Company owner John Azar said; “The DOG has been a fantastic hotel to own, and a great local community to be part of, and we’re delighted to now pass it onto such well-respected operators as Merivale.”
The DOG Randwick balcony. Source: JLL Hotels and Hospitality Group.
The hotel offers incoming purchasers the opportunity to own a large format, freehold going concern asset in the tightly held Sydney Eastern suburbs market. Typically generating circa $180,000* in total weekly revenues and with attributes including 19 EGM’s, 2am hotel licence and ideally situated within an expansive R3 medium density catchment with limited competition, the opportunity was fiercely contested and exchanged only 5 days after bid closure. It comes on the back of ASX listed Redcape groups announcement last week of their acquisition of the Gladstone Hotel in Dulwich Hill, in a transaction also managed by JLL for $38 million.
The DOG Randwick courtyard. Source: JLL Hotels and Hospitality Group.
JLL Hotels Senior Vice President, Ben McDonald highlighted the strong underlying property fundamentals of Sydney’s Eastern Suburbs coupled with the robust trading profile of the business as key investment characteristics for the freehold going concern asset. Mr McDonald said; “As the NSW economic recovery gathers momentum, we have seen the market for operating real estate assets swell as capital is put to work in search for the stronger yielding opportunities that hotel assets offer.”
JLL have now transacted over $253m worth of hotels in the past two weeks alone with National Director John Musca stating, “The current weight of capital, and it’s divergent private and public sources, continues to drive transaction demand not seen in over a decade, yet again illuminating the asset classes undeniable investment attributes.”
The DOG Randwick main bar. Source: JLL Hotels and Hospitality Group.
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