Beachside hotels have proved popular. Salmat founders Peter Mattick and Philip Salter recently received $15 million for the sale of the Coolangatta Sands Hotel on the Gold Coast to Sydney-based private pub operator Joe Irvin’s group.
The Good Beer Company earlier snapped up the Commodore Hotel at McMahons Point, adding to its extensive portfolio of suburban hotels. The deal price was not disclosed, but the asset is thought to have fetched around $18.5 million.
Now the Feros family’s JDA Hotels arm has moved to take advantage of the spirited market. It has put the Allawah Hotel in Sydney’s south-west, which it originally purchased in 2007, up for sale through HTL.
The gaming venue has been owned as a joint venture with private equity group White and Partners since it bought into the venue for $28 million two years ago.
The venue, ranked 145th in the state for gaming profitability, has a license for 30 poker machines, multiple bars, function rooms and bottle shop facilities. It returns revenue of more than $9 million and has development approval to renovate the gaming room.