Padstow Hotel price almost doubles in four years

After a four week marketing campaign, Ray White Group's Andrew Jolliffe, has sold the Padstow Park Hotel. 

The hotel, currently ranked 169 in the State's top 200 gaming hotels, and the recipient of a recent extension of trading hours windfall until 2am, is situated opposite Padstow train station on a 2700 sqm block. 

Jolliffe advised that the auction room was again well supported by purchasers. 

His auction sale record is now sitting at an 86% success rate.

The hotel was purchased for $26,000,000.00 by JDA hotels who enjoyed a management agreement at the hotel, confirmed Jolliffe. 

The hotel was sold by White & Partners bought it in 2014 for $13.7 million when sold by Wesfarmers hospitality arm Coles Liquor. 

"The market remains particularly active at present with the bandwith of sales for A grade hotels operating between 7% and 8.5%" commented Jolliffe. 

Speaking on behalf of the purchaser, John Feros said they clearly knew the hotel, and had a good appreciation of the area; "having operated hotels in that part of Sydney for decades." 

Ray White Hotels Australia has another 80m worth of hospitality assets currently under agreement, including the Ophir Tavern in the State's South West which the firm sold on behalf of Sydney based P.E. firm EBC Capital last Friday following an EOI campaign.