Cheers! Maloney's Hotel Bondi sold to local familiar buyer

Cheers! Maloney's Hotel Bondi sold to local familiar buyer
Jonathan ChancellorDecember 7, 2020

The landmark Hotel Bondi building has been sold almost 45 years after being bought by the publican Cyril Maloney.

John Musca, the JLL Hotels & Hospitality Group said the buyer was a private local hotel group, the industry website The Shout reported.

There were 14 bids for the beachside hotel from around the globe. Subsequent reports the buyer was the son of the late publican proprietor, Kim Maloney whose stable of eight hotels, include the Starbar on George Street, the Shark Hotel in the central business district.

The publican beat 14 groups including neighbouring developer Capit.El, according to the Australian Financial Review.

No sale price has been given for the property which had $45 million hopes on its July listing. It comes with 30 gaming machines, a bottle shop, 37 hotel rooms and ­car parking spaces.

“Bidders included local and offshore developers, accommodation hoteliers, publicans and domestic and overseas high net worth investors,” said Mr Musca.

Six parties, having bid $40 million plus, were shortlisted for final negotiations.

"The executors were extremely happy with the range of bids received which provided comfort that the market was exhausted at all levels, and John Musca's professional and rigorous management of the process, and finalisation of a transaction, was exceptional," Karel Wheen, the executor noted

Built in 1919, the historic landmark had been owned by the family of late publican Cyril Maloney.

Hotel sales have enjoyed a strong run in recent times.

Last month the Laundy/Short partnership purchased both the Mona Vale Hotel on Sydney's northern beaches and Northies at Cronulla for a combined price of around $57 million.

The two landmark Sydney establishments, Northies and the Mona Vale Hotel, were offered by the Fernwood Hotel Group Pty Ltd.

The latest challenge is the relisting of the freehold of the Golden Sheaf Hotel at Double Bay which has been listed for sale with offers due 6 November.

The Golden Sheaf Hotel occupies a strategic underdeveloped site area totaling 1,669 square metres.

JLL and CBRE Hotels have been appointed on the property which is being offered subject to leaseback to the hotel and hospitality group, Solotel.

Solotel's portfolio includes the Clock Hotel in Surry Hills, which was mistakening credited to Maloney in the initial report by Property Observer.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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