By Clyde Mooney
Sydney’s landmark Macquarie Hotel has sold in a hotly contested campaign to a hotelier who was previously involved with the Icon Hospitality Group, which went into receivership early last year.
The 1888 inner-city venue has been operated for the past 16 years by Dr Jerry Schwartz, who recently put it on the market through Jones Lang LaSalle (JLL) and Spencer Carr Property.
Sources tell TheShout that the hotel and microbrewery sold for nearly $9 million to prominent Sydney publican Christian Denny, formerly of Icon Hospitality and a partner at Woolwich Pier and Kingsgrove Hotels. Icon was placed in the hands of Ferrier Hodgson in January, 2011.
Selling agents JLL and Spencer Carr declined to comment on the sale or the pub's buyer other than to say that the campaign generated a lot of interest.
“The successful marketing program was keenly contested, yielding eight separate offers to purchase and transacted at a circa 10 per cent yield,” said Sam Handy, JLL manager – pub investment sales.
The hotel sale incorporates three bars across four levels and a 24-hour licence, a gaming room with 25 EGMs, 27 boutique accommodation rooms, a rooftop terrace and an eight hecto-litre microbrewery, added by Dr Schwartz.
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