By Vanessa Cavasinni, editor Australian Hotelier
Tattersalls Hotel in Lithgow, New South Wales, was sold at auction on Friday 27 October, after being placed in receivership.
There were many interested parties in the auction, with four active bidders taking part. With an opening bid of $800,000, the auction quickly became a back-and-forth contest between two parties. It sold for $1.7 million to Mike Schmidt, who previously owned the pub in the Central Tablelands region until 2010.
Tattersalls Hotel sits on a 1780 sqm block on Main Street, adjacent to Woolworths. The venue includes a public bar, bistro, 12 EGMs and 24 accommodation rooms.
The hotel was sold via auction by Andrew Jolliffe, Blake Edwards and Xavier Plunkett of Ray White Hotels, under the instructions of receivers and managers Morgan Kelly and Ryan Eagle of Ferrier Hodgson.
“There was a lot of interest in the pub throughout the campaign and the level of interest before and during the auction really shows the ongoing strength of pub assets and the market,” commented Kelly.
Kelly believes the active auction process and sale price are evidence of the growing interest in hotel assets in regional New South Wales.
“Strong pricing isn’t just a Sydney metro phenomenon either – a non-metro, good gaming hotel with multiple income streams remains a highly desirable asset.”