Laundy Hotels is paying $38 million for Woy Woy’s Bay View.
The deal – believed to be a record price for a NSW Central Coast pub – is with 20 year operators, Gary and Kerry Narvo.
Over two floors, the venue at the north east corner of Brisbane Water Drive and The Boulevarde, contains two bars, a beer garden, rooftop bistro and gaming room with TAB and Keno facilities.
Recently fully renovated, it also contains motel style guest suites.
“We are very respectful of Gary and his partners…and look forward to actioning some key revenue levers we have identified at the hotel,” Stu Laundy said.
“My father [Arthur] and I enjoy a number of very successful joint venture partnerships around New South Wales and anticipate another one forming here with a very strong South Sydney Rabbitohs theme taking shape,” he added.
HTL Property’s Dan Dragicevich and Andrew Jolliffe brokered the off-market sale (story continues below).
“The price point and resultant yield is one typically reserved for Sydney metro hotels, however the intrinsic fundamentals of both the hotel and region now warrant comparable realisations,” Mr Dragicevich said.
The deal comes three weeks since Harvest Hotels outlaid $32m for the Woy Woy Hotel, less than 50 metres away.
In March, Laundy Hotels, in partnership with Fraser Short and Nick and Justine Tindall spent $28m on Evans Heads’ Illawong Hotel.
The month earlier, the Laundy and Short families paid $40m for Lennox Heads’ Lennox Hotel, near there.
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