By Vanessa Cavasinni, editor Australian Hotelier

Andrew Lazarus, director of Eastern Hotels Group in Sydney, has purchased his second regional pub, the Country Club Hotel in Shoal Bay, New South Wales.

The hotel which has unobstructed water views in one of New South Wales’ most visited tourist areas, was placed on the market for the first time in 30 years by the McPhee family.

The EOI campaign was handled by CBRE Hotels national director Daniel Dragicevich and manager Ben McDonald, who fielded more than 60 enquiries about the property from hotelier across the country.

While the exact sales figure has not been disclosed, sources say the hotel and adjoining assets were sold to Lazarus for a figure in the vicinity of $18 million.

Dragicevich noted that the high interest in the property was indicative of the ongoing popularity of coastal venues on the eastern seaboard.

“The ‘never to be repeated’ beachfront location of the asset along with the strong trade mix of the business appealed to a significant cross section of buyer profiles, with the campaign generating over 60 enquires nationally. This ongoing competition for assets and the weight of metropolitan capital targeting coastal regions continues to drive successful outcomes for hotel owners.”

McDonald, who also worked on the sale of the Exchange Hotel in Hamilton to Lazarus earlier this year, was excited to see what the Sydney hotelier would do with the Country Club Hotel.

“Mr Lazarus has shown a unique ability to transform and reposition assets for the benefit of patrons, offering them a new and exciting hospitality experience. All I can say is ‘watch this space.’”

All parties were satisfied with the transaction, with Jay McPhee reportedly delighted with the sale to Lazarus.

“Jay McPhee made special mention of his desire to ‘pass the torch’ to an operator who would do the asset justice and believes that Mr Lazarus will do just that.” 

The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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