General Gorden Hotel in Sydney's south-west sells for $18.1 million in off-market deal

General Gorden Hotel in Sydney's south-west sells for $18.1 million in off-market deal
General Gorden Hotel in Sydney's south-west sells for $18.1 million in off-market deal

General Gordon Hotel in Sydney's south-west suburb of Sydenham has sold in an off-market deal by Lantern Hotels Group, which announced its divestment via the ASX.

The deal was valued at $18.1 million, according to the ASX announcement by Lantern.

The buyer is a hotelier in the Sydney region, according to selling agent Ray White Hotels Australia's Andrew Jolliffe, who did not disclose more details.

The sale of the multi-level General Gordon Hotel marks another round of divestment by the Lantern Group. Among the hotels it has sold in recent years are the Commodore Hotel in North Sydney for $14.5 million and Five Dock Hotel for $28.5 million to former Wallaby front tower Bill Young. Both deals were handled by Jolliffe. 

He is currently selling the Crown Hotel in Surry Hills and John Singleton's largest hotel property, the Marlborough In Newtown.

Jolliffe said the market sentiment for A-Grade hotels in gateway eastern seaboard cities remains strong. 

"Petrol prices at the pump sub $1.50 per litre, the $AUD sub 75 US cents per dollar, senior debt priced at/or below 4.5% including margin and industry indexed consumer spending at existing levels all suggests to us some continuity and reliability around the current internal and external investor sentiment regarding the asset class,” he said.

“Fundamentally, the majority of assets are underpinned by property, gaming inventory or both; and whilst-ever high level market receptors such as those referred to above maintain a tight band width regarding recent trends, we are confident astute investors and operators will assess the opportunity as, if not more positively, than has been the case over the past 24 months.” 

Tags: 
Sydney Hotel Sale

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