Laundy Hotels is paying a speculated $35 million for the Bidwill Hotel, in Sydney’s west.
On a 4300 square metre site at the corner of Carlisle Avenue and Bidwell Square, the venue recently ranked 94th on a Liquor and Gaming NSW list measuring gaming revenue.
It includes gaming rooms with 30 electronic gambling machines, bistro, a bottle shop, and has a 2am liquor licence.
The business has grown every year since vendor Martin Secheny acquired it in 2005.
The precinct, 48 kilometres from the city, is within a residential growth corridor expected to accommodate 250,000 more residents by 2030.
“We anticipated that there would be intense interest in the hotel and this was the case as evidenced by the fact we achieved unconditional exchange within three weeks of listing it,” HTL Property’s Sam Handy, who marketed Bidwill Hotel with Dan Dragicevich and Andrew Joliffe, said.
Elsewhere in the area, Laundy owns the Plumpton Hotel and $45 million Marsden Park Brewhouse which opened last year (story continues below).
The group, with the Cottle family and businessman Rob Wearn, also recently won permission to redevelop the Log Cabin Hotel in Penrith which burnt down eight years ago.
The hotel investor’s portfolio comprises about 70 assets – in New South Wales and Queensland.
It has been led by Arthur Laundy since 1969 after being established by his late father, Arthur Senior, 24 years earlier.
The businessman described the Bidwill buy as a cash flow led decision, close to three proposals he plans to start building next year.
Earlier this month, Sam Arnaout’s Iris Capital paid $45m for the Narwee Hotel – in Sydney’s south.
That price – a likely record for 2020 – is matched with Moelis picking up Darlinghurst’s Kinselas Hotel.