Harbourfront Hotel Sold
Following other recent waterfront hotel sales including the Collaroy Hotel sold to Justin Hemmes in August 2017, Asia Pacific Director of Hotels at Ray White, Andrew Jolliffe, has announced the sale of the Patonga Beach Hotel.
The Patonga Hotel, situated upon an expansive water frontage over 1,542.9m* has long been a favourite destination for Central Coast locals, and day hoppers from across the Harbour at Sydney’s fashionable Palm Beach.
“The picturesque nature of the property holding was certainly a strong draw card for astute hospitality investors, and the ability to own such dominant market share in a highly frequented waterside location meant the cream of the industry assessed the opportunity” said Jolliffe.
“Freehold properties of this magnitude, and proximity to the ocean are seldom traded, and the likelihood of a replicable hospitality offering being approved is particularly low” advised Jolliffe.
“The recent sale of the Collaroy Hotel to Justin Hemmes is firm evidence of the industry’s market leaders advocating for the strategic acquisition of irreplaceable A-grade property, and the Patonga Beach Hotel fits deftly into this category” concluded Jolliffe.
The purchase price and identity of the successful purchaser has not yet been disclosed, however it is understood the very experienced new owner will bring a fresh set of ideas and repurposed identity to the well-known hotel. “Suffice to say, after a number of years ownership, our client has sold the Patonga Beach Hotel to a purchaser with both the vision and ability to prosecute an outstanding hospitality experience for the hotel’s loyal patronage” said Jolliffe.