The historic Commodore Hotel in North Sydney has changed hands for $14.5 million
The ASX-listed Lantern Hotel Group says the sale represents a 46.5% premium to book value of the property. The name of the new owner hasn’t been revealed.
The 150-year-old hotel on Blue’s Point Road was a favourite of bush poet, writer and journalist Henry Lawson.
The sale is part of the company’s divestment of non-core hotels, including the Courthouse Hotel in Cairns for $6.25 million and the Dolphin in Sydney for $11.15 million.
The owner of hotels including the Crown in Surry Hills and the General Gordon in Sydenham has a target of $43 million from sales of its properties to reduce debt and strengthen its balance sheet, leaving it with a core of nine hotels.
In its latest full year results, the company posted revenue of $38.48 million, a rise of 9%, and profit of $7 million.