The Commodore Hotel in McMahons Point, Sydney has been bought for $18.5m by the Good Beer Company (GBC), the second time the hotel has sold in three years.
The deal, which was negotiated by JLL’s National Director, John Musca, sees the Commodore join the Four In Hand Hotel, Duke of Gloucester and Keg & Brew in the GBC portfolio.
GBC owner, John Azar, said: “I have long admired the Commodore and have been monitoring the opportunity to add such a well-established and highly performing asset to our group of properties.
“Importantly, the purchase will provide us with a springboard into the lower North Shore residential and business communities.
“Our plan will be to reinvigorate what the Commodore offers in terms of delivering a first-class, affordable and quality beverage and food experience reflecting the success we have achieved at our other hotels.”
Previous owner of the Commodore Hotel, Graham Campion bought the venue three years ago and he still owns the Longueville Hotel, also located on Sydney’s north shore.
“We wish the Good Beer Company every success with their evolution of the Commodore and look forward to turning our attentions to our exciting renovations at the Longueville Hotel”, Campion told TheShout.
The hotel features an indoor bar, an expansive outdoor terrace, restaurant and gaming lounge. The purchase also includes an adjoining liquor store, which was recently converted to the first Fleet Street store, the new banner from the Independent Liquor Group.
Speaking about the deal, Musca said: “It was a pleasure matching a purchaser’s strategic investment requirements with the motivations of respected industry stakeholders, in another off-market transaction.”