Event, Laundy trade Bass Hill hotel
Laundy Hotels is paying a speculated $28 million for Rydges Bankstown at Bass Hill, south west of Sydney.
On a 9000 square metre B5 Business zoned block at 874 Hume Highway, the 120-room guesthouse was offered by Event Hospitality and Management, which in February announced plans to liquidate $250m of non-core assets.
The property also includes a restaurant, bar, conference facility and 150-bay car park.
As part of the sale, Rydges will retain management until 2023.
The deal comes three months since Laundy, in partnership with Aaron Crinis, paid $11m for Redfern’s Woolpack Hotel.
Outside of Sydney, in March, the group outlaid nearly $15m for Evans Head’s Hotel Illawong.
Also earlier this year it spent $40m for the Lennox Hotel, north of Ballina (story continues below).
Both these acquisitions were made in partnership with Fraser Short.
Nick and Justine Tindall are also Hotel Illawong co-investors.
Colliers’ Gus Moors, Karen Wales and Frank Oliveri marketed Rydges Bankstown.
The deal comes 10 months since Event offloaded the Reef Cairns Plaza, formerly Rydges Cairns, for $12m.
It also recently divested a Miranda office, south of Sydney, for $7.8m.
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