The Crossroads Hotel in the south-western Sydney suburb of Casula has been sold for $160 million in the largest Australian pub deal to date.
Former Sydney Lord Mayor, philanthropist and pub owner Nelson Meers AO has bought the Crossroads Hotel from former property veteran Rob Macdonald, with the price tag significantly eclipsing the previous record-setting price of $104m which was paid by MA Financial in 2020 for the Byron Bay Beach Hotel.
Simon Meers, CEO of the Nelson Meers Group said, “This is a key strategic acquisition for our company, with the hotel’s highly successful food and beverage model serving over 4,000 dining experiences each week.
“We are very excited to continue to serve this growing, vibrant and broad community as we look to expand this type of high-quality offering across our hotel network.”
The group’s other Sydney hotels include the Hurstville Ritz hotel and the Belmore Hotel in the Canterbury-Bankstown which were acquired in 2017 and 2019 respectively.
In addition to its iconic Western Sydney status, The Crossroads Hotel also hit the headlines in 2020 as the location of one of Sydney’s biggest Covid outbreaks in the early days of pandemic.
The hotel sits on 1.28 hectares, occupies a powerful corner site where the Hume Highway crosses Camden Valley Way, and is located in a fast-growing LGA.
It has a broad offering that includes food, beverage, accommodation, and gaming revenues, and the Crossroads Hotel is also expected to benefit from the opening of the Badgery’s Creek airport.
The Crossroads Hotel was sold in an off-market deal managed by HTL Property. Managing director Andrew Jolliffe said of the sale, “The materiality of the Crossroads Hotel sale recalibrates values across the national hotel landscape, and promotes a momentum that will see up to $1bn worth of sales concluded in the last quarter of this Financial Year alone.”