Solotel buy the Clovelly Hotel from Iris Capital
The Clovelly Hotel has been sold to Solotel, headed by the hospitality duo, Bruce Solomon and Matt Moran.
The sale of the hotel, marketed by Daniel Dragicevich from CBRE and Andrew Jolliffe of Ray White Hotels Australia, did not come with a formal price advisory.
Iris Capital acquired the hotel in 2008 for $22.5 million and extensively renovated it in 2012.
The price has been speculated as in excess of $30 million following other Eastern Suburbs pubs, the Coogee Pavilion, Newport Arms and the Bondi Hotel, trading at $36 million, $46 million and $43 million respectively in recent years.
It attracted "considerable" interest from both domestic and overseas based groups.
Situated upon a commanding 1708 sqm beachside block with Pacific Ocean views, the legendary multi storey "Cloey", the agents suggested "the astute hospitality and business prowess of Solotel was the successful party; and, clearly, a most applicable suitor for the next chapter in the hotel's life."
"With the recent success of Justin Hemmes' nearby Coogee Pavilion, as well as Chris Cheung's Coogee Bay Hotel, Kim Maloney's Bondi Hotel and Arthur Laundy and Fraser Short's Watsons Bay Hotel, the opportunity to acquire this "once in a generation" hotel icon was simply too good for many to refuse.
Solotel are the owners of numerous hospitality businesses around Australia including Opera Bar, recently refurbished Aria restaurant at Sydney's Circular Quay and The Paddington Inn; as well as Double Bay's The Sheaf and Woollahra's Chiswick, leaving many industry observers salivating at the prospects of the future shape the business is likely to take.
Speaking on behalf of Solotel, Solomon says hey are thrilled to be taking over "such a well-loved pub that really is the full package- it has a brilliant location, ocean views and a great pub culture."
Clovelly Hotel owner Iris Capital, led by successful entrepreneur Sam Arnaout, rejected several other offers for the property, ensuring that Solotel became the successful party.