Monarch Hotels calls time with Macquarie Hotel sale
The Macquarie Hotel in Sydney’s south-west has been sold for upwards of $42 million.
The Liverpool hotel, ranked 61 in Liquor & Gaming NSW’s Gaming Rankings, has been sold off-market by the Monarch Hotels fund led by Joel Fisher and James Smithers. The Macquarie Hotel was the last pub in the fund, having sold the Banksia, Belmore and Lidcombe Hotels over the last couple of years.
Fisher also sold his Denfish Hotels pub assets (with business partner Andrew Denmeade) to Redcape last year for $50 million. The duo has since started Balmoral Hospitality, which is focused on greenfield projects in new residential developments.
The sale of Macquarie Hotel was negotiated by HTL Property Directors Dan Dragicevich and Andrew Jolliffe, who have assisted in both Monarch Hotels and Denfish Hotel sales previously.
“We’re pleased to have delivered our client another benchmark sale, and one which serves to support our consistent and public advocacy for the comparative attractiveness of the hotel property market in times of broad-scale uncertainty,” stated Dragicevich.
The Macquarie Hotel, a multi-storey commercial property located in the heart of Liverpool’s commercial business centre, enjoys double street access across its 1062 sqm holding; and also benefits from significant public car parking facilities and the Liverpool Westfield shopping centre in close proximity.
The sale of Macquarie Hotel was first considered during the onset of the COVID-19 pandemic, earlier this year.
“This achievement follows the skilled contribution of numerous specialist parties not limited to expert lenders and lawyers, and was benefited by vendor and purchaser entities recognising the opportunity in this current low interest rate environment to prosecute mid- to long-term strategic objectives,” stated Jolliffe.
While HTL Property would not be drawn on the purchaser, Australian Hotelier has since confirmed that it is in fact the DeAngelis family, which owns a large gaming pub portfolio in south-western Sydney, including Ingleburn Hotel, Raby Tavern, Uncle Bucks Hotel and Macarthur Tavern.