By Clyde Mooney – editor Australian Hotelier
Gallagher Hotels has continued its confident acquisition strategy, signing the deeds on its most expensive new pub asset to date.
Adjacent to the recently overhauled Top Ryde City shopping centre, the Royal Hotel has undergone considerable growth over the last couple of years and sources tell TheShout the purchase was in the vicinity of $18 million.
The off-market transaction was marketed through CBRE Hotels, and CBRE national director of pubs Daniel Dragicevich says this latest A-grade asset sale is the thirteenth property in the Gallagher portfolio.
“This sale and the yield it represents is a further sign of the strength of the market as optimism around the sector abounds for A-grade assets with defensive attributes,” reports Dragicevich.
Unwilling to elaborate yet on the exact plans for his new prize, Patrick Gallagher says the nature of the venue is certainly in line with the plans of the rapidly expanding pub group.
“We are pumped to get back into a traditional Aussie Pub in a strong growing area such as Ryde.”