Merivale announces latest acquisition
Merivale has acquired the Royal Hotel Bondi. The hotel was put up for sale by publican Geoff Moulding at the end of October.
According to Australian Hotelier, Merivale beat out several interested parties to acquire the hotel, ultimately paying over $30 million.
The transaction was handled by JLL national director John Musca, who has handled several large eastern suburbs sales, most recently the freehold of the Clovelly Hotel.
“It’s a privilege being entrusted with the sale of the generationally held eastern suburbs hotel icons and this is particularly special given the owners are such genuine people and Merivale so community oriented,” Musca told Australian Hotelier.
“I can’t remember ever selling a hotel that attracted this level of interest, not surprising given Bondi’s burgeoning global status, the area’s gentrification and the hotels manifest repositioning potential.”
The Bondi Road property acquisition closely follows the launch of Merivale’s latest Eastern suburbs venue, Mr Liquor’s Dirty Italian Disco — a pop-up Italian eatery at the Tennyson Hotel — and the recent additions to the group’s portfolio, The Collaroy Hotel on Sydney’s Northern Beaches and Vic on the Park in the Inner West.
Merivale will also open doors to the second phase of The Newport and the refurbished Collaroy this summer. Further details on both venues will be announced shortly.
Merivale will receive the keys to the Royal Hotel in July 2018. Future plans for the venue will be announced in due course.
Image: The Daily Telegraph