Hotel in Woollahra, Sydney changes hands for third time in eight years
The Bellevue Hotel, once owned by John Singleton with close mate and ex Qantas CEO Geoff Dixon, was sold this week to Royal Hotels, which is owned and operated by the Malouf family.
Vendors for the sale of the Bellevue Hotel, WDS Hotels, purchased the property in 2014 and undertook an extensive renovation soon after. They’ve since flipped the Woollahra hotel with this sale to Royal Hotels.
The off-market sale follows the recent sale of the Four In Hand Hotel in Sydney’s neighbouring Paddington suburb, also handled by the same realtor, Andrew Jolliffe of HTL Property, then of Ray White.
“We’ve enjoyed a successful four years of ownership at this great hotel,” said WDS director Steven Speed. Continuing, he said:
“Following complete renovation and repositioning, [we] formed a decision to focus on our existing portfolio, which includes the Fortune of War Hotel, and in doing so to recycle the capital into another opportunity we’re considering.”
HTL Property’s Dan Dragicevich said: “Paddington, as a hospitality precinct, has proven popular with investors in recent times with the sale of the Bellevue being the third hotel sold in the suburb in the last 12 months.
“It now seems most of the larger Sydney-based hospitality groups have a footprint in the area and we look forward to seeing Royal Hotels take the Bellevue forward.”
The off-market sale price is as yet unconfirmed.