Advertising magnate John Singleton has secured the Elanora Hotel in Gosford, on the New South Wales Central Coast, in an off-market deal.
The hotel is one of the major pubs in the region, secured for around $25 million by Singleton, and follows years of divesting his pub portfolio.
The Elanora hotel, which sits on a 7667sq m corner site in East Gosford, was purchased through Singleton's property development company Bonython.
The latest pub buy follows on from Singleton’s apartment development plans, Ravello Residences. The high-profile businessman has been outspoken about the revitalisation of the region likening its popularity to the Gold Coast, but yet to offer the dining options.
It's understood, Singleton even entertained Meriton chief Harry Triguboff to showcase the region’s potential.
Singleton's eight-storey development Ravello Residences, his second apartment tower in Gosford, will offer 40 residences when complete.
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The off-market pub deal, which had been owned by the Cusick family for more than 50 years, was managed by HTL Property’s Andrew Jolliffe and Dan Dragicevich.
“The landmark asset drew significant interest from both the hotel and development buyer markets; the strong result is vote of confidence in the region and deserved of such a unique hospitality land holding,” HTL Property national director Dan Dragicevich said.
Singleton’s group will officially take over the Elanora Hotel in June.