Celeb chef Matt Moran buys Marlborough Hotel
Restaurateur Matt Moran has fought off strong international interest to buy Newtown’s flagship Marlborough hotel in Sydney’s inner west for about $33 million.
The pub is the fifth property offloaded by the Australian Pub Fund, which is chaired by former Qantas chief executive Geoff Dixon and sports investors such as entrepreneur John Singleton and financier Mark Carnegie.
Selling agent Ray White Asia Pacific director Andrew Jolliffe says the Marlborough attracted significant local and international interest during the six-week marketing campaign.
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The APF has sold five pubs including the nearby Toxteth in Glebe for $22 million with another five in NSW and Queensland still on the market, including The Victoria on the Park in Enmore, Unity Hall in Balmain and Kinsellas in Darlinghurst.
In Brisbane, the Stock Exchange and Elephant Arms are on the market through Jolliffe.
The Marlborough hotel is the third asset bought by a newly formed group associated with Solotel, which is controlled by Moran and pub baron Bruce Solomon.
The pair also controls The Australian Hotel in Chippendale and recently bought the Clovelly Hotel, also in Sydney.
Jolliffe says international groups are interested in high yielding Australian pubs with exposure to management functions.
APF director Matthew Beach says the group has divested a number of pubs ‘‘where we feel the price the market has offered reflects the value of our assets’’.
“Our strategy of buying the best pub assets within each local market area has attracted experienced buyers to pursue the acquisition of our assets,” Beach says.
The Marlborough hotel features several outdoor areas and 30 gaming machines, allowing APF to increase the pub’s earnings.
Meanwhile, Solomon says Solotel is delighted to add the Marlborough to the existing four hotels it manages in the Newtown area.
Solotel expects to operate more than 30 hospitality businesses in Sydney and Brisbane by the end of this year.
Jolliffe would not comment on the price paid for the Marlborough but Dixon previously stated that he wanted about $35 million for the pub. Sources say he reaped about $33 million.
This article originally appeared on www.theaustralian.com.au/property.