The Laundy family has teamed up with hospitality entrepreneur Aaron Crinis to buy Redfern’s famed Woolpack Hotel, after the city freehold hotel was put to market.
The sale process was exclusively managed by Dan Dragicevich, Sam Handy and Andrew Jolliffe from HTL Property and attracted multiple offers from local and interstate buyers.
“Like O’Malley’s, the Hollywood and Strand hotels respectively, this multi-level city fringe freehold attracted huge footfall in terms of interest; the consequence of which resulted in a handful of selected parties battling it out for the prize at the end of the process,” said Handy.
Vendors for the sale of the Woolpack Hotel, Geordie Clark and James Henty, had owned and operated the popular hospitality property for 12 years before electing to sell.
With multiple levels, a prominent street frontage and a broad range of revenue centres, which all enjoy a strong local following; the hotel has been a community magnet for the eclectic suburb.
“We have more than enjoyed our time at the helm of this exciting business, and in doing so have witnessed Redfern’s growth as a compelling Sydney suburb in which to operate a significant business” said Henty.
Laundy Hotels owns more than 20 venues in NSW. Having most recently purchased a handful of regional assets, including the record sale for a hotel in Albury in the form of the Springvale Heights Tavern at $22million, the Laundy family focus has returned to Sydney.
“We’re always looking for opportunities to buy unique hotel assets and to partner with good operators who, in concert with what we have learned during our time in the industry, can combine with us to extract whatever upside might be inherent and available,” said Arthur Laundy.
The sale of the Woolpack Hotel in Redfern is HTL Property’s seventh sale in the past week.
“As a specialist firm, we’re committed to playing a role within a very fertile national transaction landscape that rewards affirmative action” advised HTL Property Managing Director, Andrew Jolliffe.
“Notwithstanding having already curated the sale of $150million worth of assets only two weeks into this financial year, our submission is that there exists an abundance of very determined hospitality-indexed property intenders wrestling with unsatisfied capital deployment objectives” said Dragicevich.
While not disclosing the successful sale price, HTL Property confirmed the price paid was consistent with market guidance provided by the agency throughout the sale campaign.