By Clyde Mooney
One of the grand old girls of Sydney hospitality has come onto the market, with the Solotel Group announcing yesterday (July 14) the sale of the iconic Golden Sheaf Hotel in Double Bay.
The Sheaf is tipped to fetch north of $80 million, which inside sources say is a better than four-fold increase on the purchase price.
Considered one of the country’s most profitable hotels, with earnings remaining healthy throughout the GFC, smoking and other regulation challenges, the high-price sale could restore some confidence in the recently depressed hotel market.
Bruce Solomon’s Solotel Group plans to expand further into the restaurant and nightclub arena, including the new Bar Sydney and a proposed complex in New York.
Solotel currently possess a portfolio of 16 hotels and four restaurants, with Aria venues in Sydney and Brisbane run by celebrity chef Matt Moran.
The Golden Sheaf appears to have sustained a healthy customer base due to its eclectic eastern suburbs style, multiple rooms with individual personality, entertainment variety and re-invention, and serves as a shining example of modern, prosperous pubs.
Representatives from the hotel and Solotel Group have so far declined to comment to TheShout about the sale, which is to be brokered by Jones Lang LaSalle.