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Duke of Wellington in Newcastle sells to Leccro Hotel | Newcastle Herald

Newsletter, Editor-Picklist, Duke of Wellington, Newcastle, 2021, Hunt Hospitality, Sales, Leccro Hotel, Newcastle Herald

The historic Duke of Wellington in New Rambuton sold for $ 16 million to the Sydney-based hotel group Leclaw Hotel. Off-market sales take place just five years after Hunt Hospitality buys the hotel for $ 8,375,000. This follows a recent series of pub sales in the region, with Hunt Hospitality buying an Imperial Hotel in Maitland in June and selling a Central Hotel in Stroud in July. In 2019, the Merewether beach hotel was sold to Sydney hotel owner Andrew Lazaro after spending 40 years at the Veil family. The Duke of Wellington is the first major asset of the Leccro Hotel, led by Nick Walker. Ben McDonald of the JLL Hotel, which promoted the sale, said buyers were attracted to Newcastle’s recent growth. “It was a buyer-focused approach,” McDonald’s said. “We worked with them to find an asset that fits what they were looking for. Duke was fortunate to be one of the options we could secure.” Finding such a hotel for less than $ 20 million Things are getting harder and harder. Pub markets are generally … very hot. Related: Millions of dollars in Fern Bay sales show tremendous growth in abandoned Carrington Terrace, not for the first homebuyers. A group of Hunt Hospitality-based hotel owners, who also own Kent, Sea Breeze Hotels, Finnian, Imperial and Oceanview Hotels, have recently led a private syndicate to buy and sell Raymond’s Rutherford Hotel and Lakeside Village Tavern. terrace. The Rutherford Hotel was purchased for $ 4.25 million in 2016 and sold for $ 6.52 million three years later, while Lakeside Village Tavern jumped from $ 7.35 million to $ 12 million over the same period. “It’s a very strong community-based asset and there are so many trade combinations,” Hunt said. Since changing hands in 2016, the Duke of Wellington has made many changes, including adding event venues and repainting the exterior from terracotta to white. The focus was also on producing high quality food and supporting local sports groups. “We really make sure we’re focused on being the center of the community, which is what Hunt’s hospitality is known for,” Hunt said. The Duke of Wellington, dating back to 1876, is located in a block of 885 square meters on 69 Regent Street. In the news:

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Duke of Wellington in Newcastle sells to Leccro Hotel | Newcastle Herald

Source link Duke of Wellington in Newcastle sells to Leccro Hotel | Newcastle Herald

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