The De Angelis family’s spending spree continues
For the second time in two weeks, the De Angelis family has made an investment into a large format gaming hotel in Sydney, bringing their total spend up to almost $65 million.
The Freehold interest in the Ingleburn Hotel in the south-western Sydney suburb of Ingleburn has sold before auction for $29.25 million, on a record 3.4 per cent yield, through the JLL Hotels and Hospitality Group. The buyers were the Bonnie Hotels group owned by Marc and Meg DeAngelis.
It has been a busy couple of weeks for the wider DeAngelis family who paid $35 million last week for the Raby Tavern and shopping centre, adding to their burgeoning hotel portfolio.
The Ingleburn Hotel is in the heart of Ingleburn’s retail precinct opposite the train station and it was the first time it had been offered for sale in 60 years. It has 27 Lessor owned gaming entitlements and permits and consistently ranks among the Top 80 gaming venues in NSW.
John Musca, National Director, JLL Hotels and Hospitality, said that it’s been a huge two weeks for hotel sales in Sydney.
“This is the third Top 200 ranked hotel sold in Sydney in the past fortnight representing over $87 million of transactions, so the rapid consolidation continues in this rarefied asset class.”
The Ingleburn Hotel covers 2,239sqm and is in the proposed Ingleburn Precinct Plan as a future high-rise development site with a Master Plan to accommodate the expected population and infrastructure growth in the area.