Hotel sales in Sydney pick up steam

In southwest Sydney, The Banksia Hotel has been purchased by a Singaporean group for $13.5 million. According to The Australian, the property was sold by Mitchell Waugh, whose Public House Management Group has recently purchased the Buena Vista Hotel and the Woollahra Hotel, as well as both Paddington’s Royal Hotel and Four In Hand Hotel. All purchases were reportedly brokered by Ray White’s Andrew Jolliffe, and was conducted off the market.

The deal is one of several notable recent sales, including the Woolloomooloo Bay Hotel and the soon to be reopened Newport Arms Hotel, that was bought midyear by Justin Hemmes for an estimated $46 million.

And, the story notes, the trend is a good sign for future transactions. “We’ve sold in excess of 25 top gaming hotels over a short period of time, including the recent sale of the Belmore, Padstow and Panania Hotels; and this remains the most active, most aggressive and most robust of sectors within the national hotel landscape,” Jolliffe told the paper.

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The additional steps are meant to ensure the long-term success of its owners as COVID-19 restrictions begin to ease and guests return to hotels.

The hotel is located in downtown West Palm Beach, two blocks from the Intracoastal Waterway to the east and the Palm Beach County Convention Center to the west.