The Vineyard Hotel in Sydney’s North-West Corridor which boasts a massive footprint of around eight hectares has been acquired by an unnamed but established operator.
Ten offers to purchase the pub were made, with numerous bids exceeding the $60m market guidance according, to HTL Property which brokered the deal.
HTL Property said the experienced purchaser owns multiple large format hotels throughout Sydney and elsewhere.
The large property incorporates 57 motel rooms, with DA approval for a further 84 proposed to be developed on currently unused land within the enormous commercial property holding.
The Vineyard Hotel was sold by the Stanford family, who have owned and operated it for more than 40 years.
“Our family have been proud owners and operators of this incredible suburban hotel operation for four prosperous decades, and whilst we have been consistently rewarded by the growth of both the business and surrounding population base, we recognise the time is now upon us to hand the baton across to a new owner in order to chart the asset’s course for the next 40 years,” Vineyard Hotel owner Glen Stanford said when the sale process commenced.
Following the sale, Stanford said, “As a family we’re encouraged by the management and outcome of the sale process, and the fact the purchaser enjoys a highly regarded track record in delivering first class hospitality experiences to its clientele.
“It is comforting to our family to know the property will continue to play a central role in servicing the area and its close knit albeit rapidly expanding community.”
The second of three Stanford family hotels, the Carousel Inn in Sydney’s Rooty Hill, is also set to be put on the market soon, according to HTL Property.
“We’re on record advocating for the continued national market buoyancy for the asset class, and as illustrated in no more glaring a fashion than by virtue of the scale and speed of the Vineyard Hotel sale, we remain convinced of the strength and depth of buyer interest,” said HTL Property Managing Director, Andrew Jolliffe.