By Clyde Mooney – editor Australian Hotelier

New South Wales-based Lantern Hotel Group (LHG) has bolstered its portfolio, with agreements to purchase two new venues that stand to benefit from its management structure.

Both venues enjoying positional prominence, the Waterworks in the heart of Botany’s retail/commercial precinct boasts a 24-hour licence and potential through gaming optimisation.

Standing to benefit from the area’s expansion and gentrification, the hotel sold through JLL for around $8.5 million amid healthy competition from parties looking to take advantage of its potential.

“The discreet off-market sale was keenly contested and yielded four genuine offers to purchase, which demonstrates the renewed depth in the market for quality metropolitan Sydney freehold pubs,” JLL vice president – pub investment sales, Sam Handy, said.

With the ink still wet, sources have revealed to TheShout that LHG has also made an agreement to purchase Newcastle’s Exchange Hotel through Ray White Hotels.

The iconic Central Coast venue hit the market in August and did not secure a successful bid at the Sydney Auction Centre last month, but has been in hot discussion since. 

Ray White’s director – Asia-Pacific, Andrew Jolliffe, is interstate and was not available for comment, but his office confirmed the deal with LHG.

LHG also purchased Surry Hills' Crown Hotel last year through JLL, heralding the start of its expansion strategy.

The Shout Team

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

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