Sydney-based developers, the Lyon Group, has bought the Hotel Australasia in Eden, on the NSW Sapphire Coast from Virtical, in a deal brokered by HTL Property.
HTL Property’s Sam Handy, Blake Edwards and Ben Kennedy negotiated the sale on behalf of Andrew Cummins and Peter Krejci of BRI Ferrier who were acting in their capacity as Administrators, having been appointed in September 2024, to help Virtical with its debt.
The Lyon Group has existing hospitality interests in the region the nearby Sea Horse Inn and Villas and the Boydtown Holiday Park, and now adds the Hotel Australasia with its 2886sqm site, to the Lyon Group portfolio.
HTL Director Handy, said: “As anticipated, the Hotel Australasia attracted interest from food and beverage operators from Sydney, Melbourne and Canberra.
“There were numerous offers submitted to acquire the hotel with the successful bidders needing to be very deliberate in their pursuit of the acquisition.”
The hotel underwent an extensive renovation and refurbishment in 2022 and was sold with a partially completed DA to create an outdoor kitchen, a bar and retail shops.
The business features eight accommodation rooms and HTL said it was generating annualised revenues of around $2m, when it was sold.
HTL Property said this was its first pub transaction for 2025 and continues its record in the region, having previously sold the Ocean Beach Hotel (Shellharbour), Central Hotel (Shellharbour), Corrimal Hotel (Corrimal), Five Islands Tavern (Cringila) and the Unanderra Hotel (Unanderra).