Belrose Hotel sold in Sydney
An iconic Northern beaches landmark has been sold by leading Ray White hotel broker Andrew Jolliffe.
The Belrose Hotel has been operating under well known family-run business The Bayfield Group and has been purchased by Redcape Property Fund for approximately $23 million.
The family acquired the property in 2007 and spent $10 million on refurbishments before reopening it in 2009. The Belrose sale comes after the group parted with the Caringbah Hotel early this year for an estimated $45 million.
The group has also put the Dee Why Hotel on the market.
“The award winning hotel recently experienced a $10 million plus refurbishment which has totally transformed it,” said Mr Jolliffe. “In terms of size and quality, The Belrose Hotel is over one hectare in land size, which mirrors the recent sales of both The Watson’s Bay Hotel, and the Caringbah Inn.”
The sale of the Belrose Hotel brings in excess of $200m worth of hotel sales for Ray White Hotels over the past few months. This coupled with the sustained downward pressure on interest rates, means more transactions will occur in the first half of 2013, and the cyclic repositioning of the hotel industry is well on the track to recovery.
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