Paddington's Four in Hand Hotel sold for more than $8 million
The Four in Hand Hotel in Sydney’s Paddington has changed hands for $8.25 million just two years after a high-profile campaign to save the pub from development.
An undisclosed Sydney-based hotelier bought the pub from John Azar’s Good Beer Company, in a deal negotiated by JLL Hotels’ senior vice-president Ben McDonald and national director John Musca.
Mr Azar purchased the property for more than $7 million in 2018 after it was the subject of a local community campaign to save it from being purchased by a developer and converted into apartments. It had previously changed hands in 2015.
The Good Beer Company had restored the pub and made changes to the drinks and dining menu.
Mr McDonald advised that it was now being offloaded as part of a broader divestment strategy by the Good Beer Company.
It follows the sale of another Good Beer Company asset, Randwick’s Gloucester Hotel, to Justin Hemmes’ Merivale empire, which was announced earlier this week.
“Generating significant inquiry, the pub attracted interest from hoteliers and hospitality identities looking to build on the hard work undertaken by Good Beer Company,” said Mr McDonald, adding that many of them had had a strong existing affiliation with the hotel.
He declined to name the purchaser but confirmed that they were an existing Sydney-based hotelier who would take the keys to the property in January 2021.
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