The Good Beer Company has purchased the landmark Commodore Hotel at McMahons Point in an off-market transaction less than three years after the pub last sold.
The property, located on Blues Point Road, changed hands in a transaction negotiated by John Musca, national director of JLL’s hotels and hospitality group.
The acquisition follows The Good Beer Company’s 2018 purchase of Paddington’s iconic Four In Hand Hotel and will allow the group to move into the tightly held lower north shore pub market, which is set for a dramatic boost in residential and office development.
The price was not disclosed but it is understood to be about $18.5 million.
“The purchase will provide us with a springboard into the lower north shore residential and business communities,” said John Azar, owner of The Good Beer Company.
The property was sold by Graham Campion, owner of the nearby Longueville Hotel, who purchased it in late 2016 from Lantern Hotels for $14.5 million.
The Commodore features an indoor bar, an expansive outdoor terrace, restaurant and gaming lounge, as well as an adjoining liquor store.
The site has had a hotel on it for more than 150 years and was said to be the preferred watering hole of famed writer and bush poet, Henry Lawson.
“I have long admired the Commodore and have been monitoring the opportunity to add such a well-established and highly performing asset to our group of properties,” Mr Azar said.
The group plans to replicate the same food and beverage strategy it has implemented at its other properties, which also include Randwick’s Duke of Gloucester Hotel and the Keg & Brew Hotel at Surry Hills, which is close to completing a $10 million refurbishment.
“Our plan will be to reinvigorate what the Commodore offers in terms of delivering a first-class, affordable and quality beverage and food experience reflecting the success we have achieved at our other hotels,” Mr Azar said.
Mr Musca said: “It was a pleasure matching a purchaser’s strategic investment requirements with the motivations of respected industry stakeholders, in another off-market transaction”.
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