By Andrew Starke
A Sydney icon has been sold and another high-profile pub is up for sale as hoteliers in New South Wales move to test the market.
The Woollahra Hotel, including the popular Bistro Moncur, was sold to publican Peter Ryan for about $15 million after failing to meet early valuations of $20 million.
The property was put on the market in March after the death of co-owner Ron White last year.
In other pub sale news, legendary Australian actor Jack Thompson’s Hotel Gearin in Katoomba is to be offered for sale by public auction.
Located in the heart of the Blue Mountains, the hotel occupies a prominent corner site opposite Katoomba railway station and features a public bar, dining room, nine poker machines, 40 accommodation rooms and a 24 hour liquor license.
Jones Lang LaSalle Hotels manager – pub investment sales, Sam Handy, said he expected the auction to be keenly contested.
“The hotel is trading strongly with average weekly revenues of $33,000 and represents an opportunity to acquire an affordable investment opportunity for new entrants to the market as well as traditional owners and owner operators,” he said.
“The hotel is strategically located in Katoomba’s commercial/retail/tourist precinct and as such is well positioned to capture additional patronage from the circa two million tourists that visit the Blue Mountains annually.”
Hotel Gearin is for sale by public auction on Thursday June 23, 2011.