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JLL Hotels & Hospitality Group exclusively appointed to market the iconic PJ Gallagher's Hotel
In a sign of the continued appetite for quality hotels in Sydney, JLL Hotels & Hospitality Group have been exclusively appointed to market the iconic PJ Gallagher's hotel, formerly Norton's on Norton Leichardt. The hotel is being offered for sale by Expressions of Interest closing Thursday 7th April 2016.
The Leichardt icon recently underwent an impressive $2 million-dollar renovation and includes 28 poker machines with11 gaming permits and a sought-after 5am trading licence. Situated on a prominent circa 600sqm corner site the hotel has benefited from ongoing intensified apartment development in the precinct and a resurgence of the restaurant and retail strip.
JLL National Director, John Musca suggested, "Much like the recent keenly contested sale of the Royal Exhibition Hotel, Surry Hills ($19 million) and the Duke of Gloucester Hotel in Randwick ($16.25 million), PJ's is another quality city fringe hotel which will deservedly attract strong interest."
The hotel industry experienced frenetic transaction activity in 2015 with the aggressive launching of the Public House Group and a number of other acquisitive newly formed private equity syndications moving swiftly to accumulate asset scale. The soon-to-be announced takeover of Redcape by the Moelis/Meeres Hotel Group JV has also fuelled predictions of potential 'supply challenges' in 2016, where quality hotel assets may become more difficult to source.
"PJ's, or Norton's as it was known, has undisputedly always been Leichardt's leading hotel, and the venues remarkable renovation and strategic position is clearly driving the trade growth." Mr. Musca said.
National Director - Investment Sales
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