By James Atkinson

JLL Hotels & Hospitality Group has announced the sale of Hotel Bondi to a private local hotel group. 

In a statement on Wednesday afternoon, JLL said the sale process for the property was keenly contested and attracted 14 bids from around the globe. 

“Bidders included local and offshore developers, accommodation hoteliers, publicans and domestic and overseas high net worth investors,” said John Musca, national director – pub investment sales, JLL Hotels & Hospitality Group. 

“The residential conversion opportunity was compelling as was the hotel business proposition, so the market as a whole recognised it for what it was, a truly generational asset.”

The existing four-level hotel was recently renovated at a cost of $6 million and includes 37 ensuite hotel rooms, ground floor bar, bistro, gaming room with 30 gaming machine entitlements, bottleshop and 12 car spaces. It was also mooted to have significant redevelopment potential following along the same lines as many alternate-use real estate asset plays.

The agents declined to comment on the identity of the buyer or the sale price, which industry sources suggested was close to $45 million.

The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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