Merivale the victor in Royal Hotel Bondi bidding war
The latest acquisition for Merivale is the Royal Hotel Bondi in Sydney’s east, who beat out several interested parties to acquire the hotel.
Publican Geoff Moulding has sold the corner pub to the hospitality giant, after 40 years of family ownership of the venue, for 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,” said Musca.
The sale was hotly contested, with over 80 enquiries and 10 competitive bids for the hotel.
“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,” stated Musca.
In a statement on the acquisition, Merivale emphasised its focus on the greater Sydney market.
“Merivale has continued its commitment to Sydney hospitality with the acquisition of the Royal Hotel Bondi.
“The Bondi Road property joins recent additions The Collaroy Hotel on Sydney’s Northern Beaches and Vic on the Park in the Inner West.
“Merivale will receive the keys to the Royal Hotel in July 2018. Future plans for the venue will be announced in due course.”
Speaking to News Limited, Hemmes said that even after buying his 10th Sydney pub in three years, he is still open to expanding the Merivale portfolio.
“I’m open-minded about expanding and growing if the right things keep coming up,” Hemmes told News Limited. “I’m always looking at what’s around and if it fits our business model, even with places that are not limited to Sydney, I will always look at it. I take everything on its merits.”
The purchase of Royal Hotel Bondi is the latest move in what is promising to be an eventful few months for Merivale. The group just launched its pop-up eatery, Mr Liquor’s Dirty Italian Disco, at the Tennyson Hotel. The group is also set to unveil the refurbished Collaroy and the second stage of The Newport later this summer.