Former Sydney lord mayor Nelson Meers is paying close to $160 million – a national pub record price – for Casula’s Crossroads Hotel.
The deal smashes the previous watermark – $104m – set in 2019 when Moelis (nowadays known as MA Financial) picked up Byron Bay’s Beach Hotel from the Liberman-family backed Impact Investment Group.
It also more than doubles the 2021 record of $70m, for the Vineyard Hotel, on 7.7 hectares in Sydney’s outer north west, offloaded by the Stanford family.
In another noteworthy deal last year, again to MA Financial, ex-Nine boss David Gyngell and Delvene Cornell banked $68m from Brunswick Heads’ Brunswick Hotel.
HTL Property’s Andrew Jolliffe and Dan Dragicevich brokered the off-market Crossroads Hotel sale for local property investor Rod MacDonald.
Thirty four kilometres south west of the CBD, the property is in one of Sydney’s fastest growing municipalities, set to benefit from the opening of the Sydney International Airport in 2025, the agents said.
Recently operated by the Marlow Group, the Crossroads Hotel occupies a 1.28 hectare block at the high-profile V-intersection of the Hume Highway and Camden Valley Way.
The asset derives income from a bistro, restaurant and 30 electronic gambling machines; according to Liquor and Gaming NSW, the property’s gaming revenue is amongst the highest in the state.
There are also 15 accommodation suites (story continues below).
The complex underwent a major renovation five years ago.
“This is a key strategic acquisition for our company, with the hotel’s highly successful food and beverage model serving over 4000 dining experiences each week,” Nelson Meers Group chief executive officer Simon Meers said.
“We are very excited to continue to serve this growing, vibrant and broad-minded community as we look to expand this type of high quality offering across our hotel network,” according to the executive.
NMG owns over a dozen Sydney venues including the Ashfield Hotel, Ermington Hotel and Guildford Hotel.
In 2017, the group paid Joel Fisher’s Monarch Hotels $50m for the historic Belmore Hotel.
The company also holds the Hurtstville Ritz, for which it paid the Bowden Group $45m in 2017.
Mr Meers was Sydney lord mayor between 1978-1980.
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