Sydney’s Belrose Hotel changes hands for $23m
Float candidate Redcape Hotel Group has trimmed part of its Sydney portfolio, offloading the Belrose Hotel on Sydney’s northern beaches, after bulking up in other areas.
The group, which has flagged the potential for a $1 billion float later this year, sold the Belrose to the private Bayfield Hotel Group for about $23 million.
The move follows its acquisition of three major freehold hotels in Queensland and NSW in deals that totalled about $120 million last month.
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The transaction was brokered by Andrew Jolliffe of newly formed HTL Property.
Redcape chief executive Dan Brady says the sale is a “strategic divestment” by the company as it looks to optimise its portfolio.
Bayfield Hotels redeveloped the pub years ago and was seen as a natural owner of the property.
This article originally appeared on www.theaustralian.com.au/property.
