Solotel has placed the leasehold of the Clovelly Hotel back on the market, 18 months after acquiring the eastern suburbs pub.
The multi-venue group purchased the leasehold at a twenty-year triple lease off Iris Capital in late December 2016, and focused on upgrading the hotel’s food and beverage offering. The freehold was purchased off Iris Capital by a local investor.
Solotel have now placed the leasehold back on the market. Group founder and director Bruce Solomon said that the move comes after an assessment of the group’s portfolio and the Clovelly Hotel’s place in it – particularly after a few very active years within the industry for the business.
“In the last few years Solotel has undertaken a strategic review that involves the rebalancing of our portfolio of hospitality investments. We have opened six new venues, have sold three other properties and undertaken major renovations of another five venues during this period of refocus.
“The sale of the Clovelly business is part of this realignment of our strategic direction in hospitality,” stated Solomon.
Andrew Jolliffe of Ray White Hotels has been engaged to guide the EOI campaign for the Clovelly Hotel leasehold. He is confident that recent activity in Sydney’s eastern suburbs will see a heightened interest from many parties in the pub’s leasehold.
“We’ve seen the recent sale of both the Collaroy and Royal Hotel, Bondi to Merivale, complemented by the sale of Singo’s legendary Icebergs to Melbourne’s O’Brien Group; as well as no shortage of off-market activity regarding other Sydney seaside icons. Having enjoyed the role of negotiator in many examples, we can confidently attest to the continued and very deliberate interest by domestic and international groups seeking AAA grade product by which to secure access to robust cash flow businesses.”
Solotel continues to grow its footprint, with Solomon confirming the two projects the group is currently working on.
“We will be opening another two new venues, Chophouse Parramatta and The Abercrombie Hotel in the upcoming month.”