By Triana O'Keefe, editor Australian Hotelier
Veteran hotelier Arthur Laundy has picked up two prized Sydney venues in a spate of recent sales by the Medich family.
Following the recent $16 million sale of the Buena Vista hotel in Mosman, the Medich-run Halcyon Hotels has sold both the Woolwich Pier and the Woolloomooloo Bay Hotel to the Laundy family for an estimated combined price of $35 million.
Laundy adds the Woolloomooloo Bay hotel to his existing suite of 32 ALH-leased properties.
Selling agent Andrew Jolliffe commented: “A-grade hotel properties indexed to strong ALH leases are an asset class on their own, and many astute investors believe the market has mispriced the value of these assets”.
“Clearly the Laundy family are attuned to the true value of ALH-leased freeholds,” Jolliffe added.
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