Sydney, 21 June 2016 – Newcastle’s Exchange Hotel has been sold on behalf of ASX listed Lantern Hotel Group (‘Lantern’) for $6.625 million.
CBRE Hotel’s Daniel Dragicevich and Ben McDonald were exclusively appointed to manage the Expressions of Interest campaign which attracted significant interest from prominent local hoteliers and business people along with Sydney based private hotelier’s and groups looking to expand their current portfolios.
National Director, Daniel Dragicevich was pleased to announce the successful bidder to be high profile hotelier Andrew Lazarus.
“Mr Lazarus is a great fit for the Exchange and we expect with his experience and expertise for the Hotel to continue to be the local favorite it’s always been,” Mr Dragicevich said.
Since the internal sale of the Vauxhall Inn in Granville last year Mr Lazarus and his fund, Bondi Asset Management, have been busy looking for opportunities to add to their portfolio but struggled to find the right mix in the very tight Sydney market.
Mr McDonald added; “The campaign was keenly contested and the eventual purchaser continues the trend of coastal and regional assets selling to what are traditionally metro groups”
The sale continues the Lantern sell down of non-core hotels which now join the GPO in Fortitude Valley and the Bowral Hotel as successfully transacted after busy advertising campaigns. CBRE also currently has the Courthouse Cairns Hotel and the Central Hotel in Bundaberg on the market.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.