Former rugby player Steven Bowden pockets $90 million from Hurstville Ritz and Cabramatta Hotel sales
The Hurstville Ritz Hotel and Cabramatta Hotel in Sydney have sold for a combined $90 million, capping a hot season for pub sales.
The hotels were owned by Stephen Bowden, the former Newtown Jets front rower.
Earlier, the Ryan family sold the Republic Hotel in Sydney's CBD to international property fund in an off-market deal through Ray White.
In another recent high-profile pub sale, the Justin Hemmes-led Merivale snapped up Vic on the Park Hotel in Sydney's Inner West in a deal estimated to be between $22 million to $25 million.
The off-market transaction for the Cabramatta hotels marks the largest hotel sale transaction in 2017, according to selling agency Sydney Hotel Brokers Pty Limited.
The deal was managed by John Morrison of Sydney Hotel Brokers Pty Limited.
Stephen and Louise Bowden first acquired the Hurstville Ritz Hotel (formerly known as Shanney’s) from Tooth & Co (as a term lease) in 1979.
In 2007, they sold off the Hurstville Ritz Hotel for a Sydney record price of $52 million before buying it back in 2010 for $30.5 million.
The Cabramatta Hotel was initially acquired by the Bowdens in 2010 as a freehold investment with NLG as the tenant. NLG was subsequently acquired by the Redcape Hotel Group, who are the current tenants.
Ryan Watts, solicitor at Slater & Elias Lawyers, said the vendors were happy after “a complicated and high stakes sales process”.
