- A syndicate of hoteliers led by veteran hospitality industry supremo Arthur Laundy buys the Cabbage Tree Hotel at Fairy Meadow.
- Laundy Hotels also holds and operates the Albion Park Hotel on the southern edge of Wollongong.
- This purchase has become the ninth pub bought by Laundy family members this year.
A syndicate of hoteliers led by veteran hospitality industry supremo Arthur Laundy including Laundy’s daughter Justine and son-in-law Nick Tindall, on Monday, bought The Cabbage Tree Hotel, popularly known as The Patch.
Headed by Laundy, the syndicate purchased the Cabbage Tree Hotel at Fairy Meadow for just AU$12 million from vendor Mike Courtney, who had held the property for nearly 40 years. The news concerning the sale of Cabbage Tree was confirmed by JLL Hotels & Hospitality Group yesterday. The off-market sale was facilitated by Ben McDonald and Kate MacDonald from JLL.
The Cabbage Tree Hotel offers excellent growth potential as the hotel is located on a 4740 square metre Princess Highway site and possesses 15 gaming machine entitlements.
Bought on a capitalisation rate of around 11.5%, shareholder Mark Molloy stated that the pub has a robust local following and exceptional growth potential.
Alongside Laundy Hotels, Molloy is also a co-investor in three other pubs - The Charles Hotel, the North Wollongong Hotel, the Balgownie Hotel.
Laundy Hotels also holds and operates the Albion Park Hotel on the southern edge of Wollongong. This purchase has become the ninth pub bought this year by Laundy family members, which has either purchased or sold approximately $200 million in properties since January.
The acquisition marks the return of the Laundy family to the Wollongong region post the sale of their North Wollongong, Balgownie and Charles Hotel leasehold portfolio to ALH Group.