John Singleton sells Newtown's Marlborough Hotel to Matt Moran partnership for more than $30 million

Matt Moran and Bruce Solomon. Photo: Supplied

The acquisition comes after the pair picked up the Clovelly Hotel late last year and Chippendale’s Abercrombie Hotel earlier in 2016.

It joins other Solotel-owned hotels in the inner west, including The Courthouse Hotel, also in Newtown, and The Erko, in neighbouring Erskineville.

John Singleton (centre) at the opening of The Marlborough Hotel Garden Bar in Newtown with Riversdale Group executives Geoff Dixon (right) and Paddy Coughlan (CEO). Photo: Wolter Peeters

“Solotel is delighted to add to the Marlborough Hotel to the existing four hotels we manage in the Newtown area. Solotel will be by the end of this year operating over 30 hospitality businesses in Sydney and Brisbane,” Mr Solomon said.

The sale of the Marlborough Hotel represents the fifth successful sale in as many months for the unlisted Australian Pub Fund group, which retains three Sydney pubs in its portfolio – Kinselas in Darlinghurst, Unity Hall in Balmain and the Vic on the Park in Marrickville.

Ray White Hotels’ Asia Pacific director Andrew Jolliffe said that The Marlborough attracted interest from domestic and overseas buyers.

“Ultimately, and as we have often experienced, it was expert domestic knowledge in the form of the well- known hospitality management company Solotel, which prevailed above wide interest in order to secure this generational piece of hospitality property,” Mr Joliffe said.

“However, it should also be said that the level of international interest was significant; and is reflective of material off-shore equity tranches looking for a home in high-yielding Australian property investments with exposure to management functions, and business operation.”

Mr Joliffe declined to give a sale price for the hotel.

Director of Australian Pub Fund Matthew Beach said they had sold The Marlborough to capitalise on the strong prices being paid for good-quality pubs in Sydney.

“Consistent with our strategic objectives, we have divested a number of pubs where we feel the price the market has offered reflects the value of our assets,” Mr Beach said.

”We will continue to apply this strategy where applicable. Our strategy of buying the best pub assets within each local market area has attracted experienced buyers to pursue the acquisition of our assets ” Mr Beach said.

“The Marlborough was a unique proposition given both its sheer scale, and proximity to both Sydney University and RPA Hospital. The large footprint the hotel adorns, complete with multiple outdoor areas and 30 very valuable gaming machines, enabled us to significantly grow the earnings of the pub during our ownership period.”