The Ryan family sell Republic Hotel in Sydney CBD to global property fund
The Ryan family have sold the Republic Hotel on the corner of Pitt and Bridge streets in Sydney's CBD to international property fund in an off-market deal.
The deal was settled for an undisclosed sum through Ray White's Andrew Jolliffe.
It comes on the heels of another high-profile pub sale. The Justin Hemmes-led Merivale recently snapped up Vic on the Park Hotel in Sydney's Inner West in a deal estimated to be between $22 million to $25 million.
Republic Hotel recently underwent a multi-million dollar upgrade, including the introduction of a rooftop bar.
The deal, concluded this week, sees the well-known hotelier Patrick Ryan enter into an agreement to lease back the business operation of the asset after 17 years of ownership of the four-storey hotel.
Jolliffe, who would not be drawn on price, or the identity of the purchaser, believes there is strong interest in AAA Grade property in top Australian cities.
"Sydney is enjoying a demonstrable surge in infrastructure investment, and astute investors right throughout our Asia Pacific database have highlighted this point,” he said.
"We have averaged an exit yield of approximately 8% for our clients when considering our last 20 transactions this year, and accordingly restate our view that the considered argument for further yield compression remains likely.”
