Sydney-based investor Mark Kennedy through his Endeavour Hotels has purchased the Five Islands Hotel from the Ludlow Hospitality Fund, in a deal managed by HTL Property.
The Ludlow Fund, which was founded by Paddy Coughlan bought the large format hotel in June 2021 and has undertaken a significant refurbishment since then and Coughlan wish the Endeavour team well with its new purchase.
“Ludlow investors are very happy with the process run by HTL and the resultant outcome on the Five Islands Hotel campaign,” he said.
“In addition, we wish Mark and his team every future success with a hotel now positioned to enjoy the benefits of the surging population base in the Illawarra region.”
The on-market sale campaign was managed by HTL’s Sam Handy, Dan Dragicevich and Andrew Jolliffe.
Handy said: “Not surprisingly, we enjoyed multiple offers to purchase the Five Islands Hotel; with the majority of the interest coming from Sydney investors looking to take strategic positions in growth corridors radiating outwards from the traditional metro core.”
Five Islands comprises 2314sqm, a 24-hour liquor licence and 22 EGMs, as well as 12 accommodation rooms with refurbished public and sports bars.
The transaction is HTL’s third large format sale in the Illawarra region this year following the North Nowra Tavern and Corrimal Hotel deals.