The incredible run of pub real estate sales shows no sign of abating with Momento Hospitality adding the popular Royal Albert Hotel in Surry Hills to its portfolio, in a deal brokered by HTL Property.
The sale is the group’s second inner city hotel acquisition and follows last week’s announcement of its acquisition of the Young family’s Friend in Hand Hotel in the Sydney suburb of Glebe.
The ALIA-winning venue has built a reputation as one of Sydney’s best independent craft beer venues, which has former NRL star Bryan Fletcher as part of the consortium which has sold to Momento.
“It’s been a great journey with that little pub, and as a consortium we’ve elected to pursue other capital deployment objectives at this juncture,” Fletcher said.
With the on-market sale process exclusively managed by HTL’s Sam Handy and Blake Edwards, the inner-city freehold hotel was put to market via a public EOI campaign, and which extracted offers from numerous market segments; including hoteliers, restaurateurs, investors and developers.
“We’re delighted to have curated this outcome for our clients and following our recent sales of other notable inner city hotels such as the Friend in Hand Hotel (Glebe), Dry Dock Hotel (Balmain) and both the Hotel Hollywood and Bat and Ball Hotel (Surry Hills), we get the strong sense that the inner-city market will enjoy sustained investor interest for some time” HTL Property Director Handy said.
While not disclosing the successful sale price, HTL Property confirmed the price paid was consistent with market guidance provided by the agency over the course of the sale campaign, with several media outlets reporting a $10m price tag.