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Bruce Solomon Solotel Group Hotel Sells For More Than $41m

GOLDENSHEAF

According to The Australian the Bruce Solomon Solotel Group owned hotel was picked up by Sydney-based private investors and will continue to be operated by Solotel.

The hotel management group, which last night reopened its revamped Opera Bar at the Sydney Opera House concourse — bought the Golden Sheaf for $6.9 million in 1996. The sale, handled by JLL’s John Musca and CBRE’s Daniel Dragicevich, was struck on a yield of 6.5 per cent.

The complex has 30 gaming machines, a restaurant and beer garden. It includes a 1669 square metres area that has development potential. It is close to the recently completed Kiaora Lands Woolworths retail centre.

Mr Musca said the tight-yield sale was due to a lease by a ­national operator.

“The investment market will pay for the best national tenants in hotels,” he said.

Mr Dragicevich said there was strong interest from local and offshore investors. Solotel owns or ­operates 17 hotels and three restaurants on the eastern seaboard

SEE ALSO: Grocon Poised To Sell $700 Million Sydney Ribbon Project

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Article originally posted at: https://https://theurbandeveloper.com/articles/bruce-solomon-solotel-group-hotels-sells-for-more-than-41m