Justin Hemmes buys The Newport Arms hotel
The Newport Arms Hotel has been sold to Justin Hemmes' hospitality group Merivale. No price has been revealed, but there were $50 million expectations.
The group was for long time inner Sydney concentrated, but expanded over recent times to Manly and Coogee.
Indeed he had been to the newly-purchased Newport Arms hotel just once before.
His late father and mother, John and Merivale, started the empire in the Pitt Street fashion store which had a cafe.
Ray White Hotels Australia secured the sale of the 11,000 square metres of Sydney northern beaches waterfront land holding.
Owner Wayne Bayfield advised that the sale of the family's flagship hotel was a watershed moment.
Agents for the sale Andrew Jolliffe and Joel Fisher of Ray White Hotels commented a number of local and international parties had sought to acquire the asset.
