By Vanessa Cavasinni, editor Australian Hotelier
Mitchell Waugh of Public House Management Group has sold the Banksia Hotel, a large format gaming hotel located in the south western Sydney corridor.
The hotel, which was sold through Andrew Jolliffe of Ray White, was purchased by the same Singaporean investment fund that recently purchased The Belmore Hotel – another gaming venue – for $43 million. Fairfax is reporting the purchase price for the Banksia Hotel as $13.5 million.
The Banksia Hotel, situated on a 1050 sqm block, presented a great opportunity for the investment fund, with dual street frontage, a dedicated gaming facility, a bottle shop and accommodation rooms. The hotel is also conveniently located opposite the Banksia train station.
After a very active year in the hotel market, particularly in Sydney, Jolliffe expects that the frenzy of transactions will continue into 2016.
“We've sold in excess of 25 top gaming hotels over a short period of time, including the recent sale of the Belmore, Padstow and Panania Hotels; and this remains the most active, most aggressive and most robust of sectors within the national hotel landscape."
Public House Management Group has been very active on the market of late, having purchased the Buena Vista and Woollahra Hotels in the last twelve months, and most recently the Four In Hand hotel. The pub group also renovated the Narellan Hotel, in south western Sydney earlier this month.
Mitchell Waugh was unavailable for comment.