Whilst the purchaser and price remain a mystery, Andrew Joliffe, Asia Pacific Director of Hotels at Ray White, has announced the sale of the Patonga Beach Hotel.
The Patonga Hotel, situated upon an expansive water frontage of around 1,542.9m has long been a favourite destination for Central Coast locals, and day hoppers from across the Harbour at Sydney’s fashionable Palm Beach.
“The picturesque nature of the property holding was certainly a strong drawcard for astute hospitality investors, and the ability to own such dominant market share in a highly frequented waterside location meant the cream of the industry assessed the opportunity,” said Jolliffe.
“Freehold properties of this magnitude and proximity to the ocean are seldom traded, and the likelihood of a replicable hospitality offering being approved is particularly low” advised Jolliffe.
It is understood the very experienced new owner will bring a fresh set of ideas and repurposed identity to the well-known hotel.
ANDREW JOLIFFE – NUMBER ONE SALES AGENT INTERNATIONALLY
After a stellar year in which Australasia’s largest real estate firm, the Ray White Group, set a record with in excess of $44.7B in annual sales in 2016-17, Andrew Jolliffe has been announced as the company’s number one sale agent internationally.
Sydney-based Jolliffe, who was also the number one international agent in 2015-16, heads up the group’s hospitality and leisure arm in the Asia Pacific.
Jolliffe has been responsible for a number of the industry’s most valuable transactions including the sale of the Clovelly and Marlborough hotels to Solotel’s Bruce Solomon and Matt Moran, as well as the sale of the Collaroy and Tennyson hotels to Merivale’s Justin Hemmes.
The latter set the all-time record price for a hotel at public auction in December 2016 at over $37M.
He is now selling the large format Vic on the Park Hotel in Marrickville for well-known ad man John Singleton and his business partners ex Qantas CEO Geoff Dixon and private equity impresario Mark Carnegie.