By Clyde Mooney – editor Australian Hotelier
The ambitious Halcyon Hotel Group (HHG) has picked up another iconic Sydney hotel, its second acquisition in a matter of weeks.
The Buena Vista Hotel occupies nearly 900 square metres over two levels in the “significantly under-pubbed” North Shore haven of Mosman, and was recently renovated to add an open air dining terrace and bar.
It was keenly contested in an off-market transaction through Jones Lang LaSalle, after 22 years in the hands of Newhaven Hotels.
JLL National Director, Hotels & Hospitality John Musca told TheShout he was very pleased to have been part of the transaction of such a “triple-A quality asset”.
Buena Vista Hotel, Mosman
The $13 million purchase comes hot on the heels of Halcyon’s acquisition of Woollahra’s Centennial Hotel, which it plans to relaunch with a renewed emphasis on dining.
Musca says Halcyon’s activity is indicative of a strong pub market, with the Paddington Arms also selling last week to an ambitious undisclosed operator and the recent $6 million sale of the Lansdowne Hotel in the booming Broadway/Central Park precinct.
“They highlight the unabated demand for hotels in prime positions, with more off-market sales to be announced shortly.”
Jones Lang LaSalle Hotels donated $20,000 of its fee on the sale of the Paddington Arms to the family trust of Adam Spencer-Carr, who passed away suddenly last month.