By James Atkinson
One of Australia's most famous hotels, The Hotel Bondi, has been listed for sale after 44 years under the same family ownership.
Jones Lang Lasalle has been appointed exclusive agent to offer the hotel for sale by an international Expressions of Interest campaign closing September 2.
“It's arguably Bondi’s most recognised landmark and certainly the most aspirational hotel operating opportunity we’ve ever offered,” said John Musca, national director – Investment Sales, JLL Hotels & Hospitality Group.
The four-level hotel was extensively renovated at a cost of $6 million in 2013 and includes 37 ensuite hotel rooms, ground floor bar, gaming room with 30 gaming machine entitlements, bottleshop and 12 car spaces. It is the latest trading hotel in Bondi. [continues below]
JLL Capital Markets director – Investment Sales, James Aroney, said the hotel is strategically situated next to the soon-to-be-completed Pacific Bondi Beach, a luxury apartment / boutique hotel and hospitality development, and only metres from the recently opened Toga Group’s Boheme Bondi Beach luxury apartments and Adina Hotel complex.
“These quality developments along with the Investec ‘Beachhouse’ luxury apartment and retail complex next door, point to mixed-use conversion as a viable alternative use of this extraordinary property,” he said.
The hotel will be offered with vacant possession, but JLL said a short or long term tenancy could provide income for developers and investors while they finalise mixed-use conversion opportunities.
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