The Royal Hotel in Armidale sells for over $ 5 million | The head of the daily newspaper in the North


news, latest news,

A surge of interest in regional hotel real estate from metropolitan investors helped spur the sale of two Armidale pubs over the past week. First, the Whitebull Hotel sold for a record high price of $ 13.25 million, and now it has been announced that the Royal Hotel has sold for over $ 5 million. The off-market sale was handled by HTL Property, which said the sellers were a union of local businessmen with diverse backgrounds including accounting and construction. Also Read: The buyer is the Roche Group which owns significant pub, hospitality and accommodation assets in the Hunter Valley and Mid-North Coast areas, including the Mercure Hotel and Harrigan’s Irish Tavern in Pokolbin, as well as the Hunter Valley Gardens. The Roche family also has a rural aggregation in the neighboring resorts of Jeogla and Wallamumbi. HTL Property is a national operator specializing in the hotel industry. General manager Andrew Jolliffe said he has transacted more than $ 40 million in hotel assets in the New England area over the past month, with more sales to be announced in the coming weeks. “I think the internal market has turned a bit inward because the borders have been closed and people have gone to regional areas to relax and reconnect with those areas,” Mr. Jolliffe. “It gave them some confidence to turn those recreational thoughts into business investing thoughts.” There has been an “extraordinary increase” in the number of metropolitan-based investors willing to invest regionally, according to Jolliffe. “We always had a handful, but now we have a lot more,” he said. “We believe the paths that have been trodden well over the past 18 months will maintain regional interest in pubs and housing as attractive investment assets for capital domiciled in metropolitan areas.” The Roche family will retain all current management and staff and say it will be ‘business as usual’ at the Royal. “There are no immediate plans for major changes in the business,” said Dominic Roche, executive chairman of the Roche group. “However, we will seek to improve the overall hotel offering with a more food and beverage-focused operation, and management synergies and operational expertise from our group’s larger hotel operations.” Mr Joliffe said other factors as well as “highly desirable yields” in regional areas were driving sales. “Increased regional migration, regional infrastructure spending, lower sensitivity to lockdown measures related to COVID-19; and a strong rural economy driven by agriculture are all major drivers of positive sentiment in the regional hotel space, ”he said. “These major transactions bear witness to a vigorous investor appetite for quality assets in large regional cities.” Our reporters work hard to provide local and up-to-date news to the community. Here’s how you can continue to access our trusted content:



Source link

Leave A Reply

Your email address will not be published.