Momento Hospitality has bought the Nag’s Head Hotel in Glebe, adding to its recent purchase of the Friend in Hand, in a deal brokered by HTL Property.

Marcello Colosimo has added the Nag’s Head to his portfolio of predominantly large format suburban hotels, having also bought the Royal Albert in Surry Hills recently.

“Our recent purchase of three inner-city freehold hotels speaks to a strategy around portfolio balance, and also an opportunity to activate some food and beverage levers we have been formulating and look forward to activating,” Colosimo said.

The sale of the Nag’s Head Hotel was conducted HTL Property agents Andrew Jolliffe and Sam Handy via an off-market process.

“We’re encouraged by the positive activity exhibited by sales across multiple states in Australia over the past few weeks, and submit that this should serve to illustrate the quality of investment opportunities enjoyed by this property backed and hospitality fronted asset class,” said HTL Property Managing Director, Jolliffe.

HTL has also brokered the sale of the Northumberland Hotel in Newcastle, on behalf of long term owner, Nancy Duggan.

Situated upon a dual street fronted 727sqm block, the popular hotel has been continuously owned by the Duggan family for more than 20 years. “The Northumberland really does present all of the underlying investment fundamental astute hoteliers identify with, notwithstanding the sites mixed use development potential, and is why the Duggan family have enjoyed such a long prosperous tenure,” said HTL Property Director, Blake Edwards.

HTL Property National Director, Dan Dragicevich, added: “We have seen a surge in interest in Newcastle Hotel opportunities in recent times as the city continues to undergo its renaissance spearheaded by Iris Capitals East End precinct amongst a myriad of other private development and infrastructure projects. We are in the concluding stages of two other off market campaigns and expect to announce further high profile transactions shortly.”

Andy Young

Andy joined Intermedia as Editor of The Shout in 2015, writing news on a daily basis and also writing features for National Liquor News. Now Managing Editor of both The Shout and Bars and Clubs.

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