Boyuan sells Peachtree Hotel for $16.5 million

Boyuan Holdings has sold the Peachtree Hotel in Penrith, Western Sydney for $16.5 million.

It was bought in July 2017 to provide the company with additional revenue.

It sold to an "experienced third party hotel operator," understood to be hotelier Jason Marlow of Marlow Hotels. 

The Boyuan chief executive Caden Wan said the sale followers a strategic review.

The pub stands on a large 10,055 square metre site on Castlereagh Road close to the Penrith CBD.

It was bought from long-time owners the Parras family for $15.5 million.

The Parras family had paid $6.95 million in 2002 before undertaking a major upgrade.

Its facilities include a beer garden, bistro and bottle shop.

Boyuan, an offshoot of the Hong Kong-listed real estate company Jiayuan, became the first Chinese real estate company to list on the Australian Securities Exchange when it floated in October in 2016.

It owns residential and commercial development sites in outer Sydney and the Hunter Valley.
 
Last month the ASX-listed property group Boyuan Limited announced it will lead a consortium to develop a 344-hectare masterplanned health, retail and logistics development, the "Northern Gateway development", at Sydney's proposed second airport, Badgerys Creek.
Tags: 
Hotel Sale Penrith

Comments

Be the first one to comment on this article
What would you like to say about this project?