Australasia's leading hotel broker, Andrew Jolliffe, has exclusively sold The Banksia Hotel, a large format gaming hotel in the South West Sydney corridor to the same Singaporean based fund which recently purchased The Belmore Hotel, also sold by Jolliffe, one of the state's leading gaming hotels for around $34m. The off market transaction follows a spate of landmark sales brokered by Jolliffe, which have included iconic and seldomly traded hotel properties such as the Woolloomooloo Bay Hotel, The Woollahra Hotel, Mosman's Buena Vista and the soon to be reopened and truly eponymous Newport Arms Hotel; purchased mid-year by Justin Hemmes for approximately $46m.
Jolliffe, Ray White's Asia Pacific Director wouldn't be drawn on price or the identity of the purchaser, but did advise that his brokerage group is often engaged by sophisticated investment houses in order to identify and facilitate discreet transactions. "We spend a lot of time and financial resources managing relationships in the Asia Pacific region, and this transaction is symptomatic of both this commitment, as well as the depth and complexion of the appetite for A Grade Australian leisure class properties" said Jolliffe.
The Banksia Hotel is situated on a large and alternative use attractive 1,050* sqm site, which also enjoys double street frontage. The hotel promotes a range of facilities including bars, a restaurant, designated gaming facility, wagering, retail alcohol sales and accommodation over two spacious levels. In addition to the valuable Princes Highway street frontage, the Banksia Hotel business is positioned across the road from the busy Banksia train station. The latter a compelling investment criteria for hoteliers and developers alike.
After being in the middle of a seemingly endless number of high profile hotel sales recently, Jolliffe still believes the market strength has enough longevity to carry it into and beyond 2016.
“We've sold in excess of 25 top gaming hotels over a short period of time, including the recent sale of the Belmore, Padstow and Panania Hotels; and this remains the most active, most aggressive and most robust of sectors within the national hotel landscape" Jolliffe advised. "We are, at any one time, working on 10 off market or M+A style deals on behalf of our clients; and the consequent outcome is the public disclosure of deals like the Banksia transaction" commented Jolliffe. "Our point of difference in the market is that we provide our client base with a more granular information suite, which touches on key market vectors like the number of boxes listed gaming manufacturer Aristocrat Leisure Industries sells into the market in a given quarter, or the average price of fuel at the pump for the sector's clientele." "It's a service way beyond placing an add and then harassing people, and our success this year is testament to this more sophisticated, more strategic approach" concluded Jolliffe.
The Banksia Hotel was sold by Mitchell Waugh, who, through his new vehicle the Public House Management Group has recently purchased through Andrew Jolliffe, the Buena Vista Hotel and the Woollahra Hotel, as well as both Paddington’s Royal Hotel and Four In Hand Hotel.
At Australasia’s biggest real estate group, a company with 113 years of rich history and with $35 billion of annual turnover across 1000 international offices; Andrew Jolliffe is the Ray White Group’s number 1 agent globally.
