By Vanessa Cavasinni, editor Australian Hotelier
Lidcombe Hotel has been sold for roughly $36 million.
The hotel, in Sydney’s west, was sold by Marvan Hotels owner Marcus Levy. The buyer’s identity remains undisclosed, with CBRE Hotel’s Daniel Dragicevich and Sam handy negotiating the sale.
Levy had owned the pub for the last eight years, during which time Lidcombe Hotel had undergone significant refurbishment. The redevelopment of the pub has ensured its place within OLGR’s Top 200 gaming rankings.
Lidcombe Hotel has a 24–hour liquor licence, and only a three-hour required gaming shutdown. The hotel’s 782sqm site is also zoned for B4 mixed use, giving the new owner potential to develop the site further.
“The Lidcombe Hotel is a true A-grade hotel asset and the price achieved is testament to the scarcity of hotels of this quality. We are optimistic that the strong current market will continue into 2017 with stable investment fundamentals, limited supply and attractive yield spreads underpinning continued interest in the sector,” commented Dragicevich.