The leasehold for Sydney’s Criterion Hotel has been bought by pub operator Tilley and Wills Co for over A$15 million.
The Pitt Street hotel was sold by Gallagher Hotel Management amid a week of pub sales across Sydney, worth a combined A$60 million. Over the past few months, over A$300 million of hotel sales were announced in Sydney.
The purchase follows Tilley & Wills’ acquisition of the Veranda Bar for A$9 million in 2017. The group are currently operators of the Buena Hotel in Mosman and the Clovelly Hotel, on behalf of its private owners.
The Criterion Hotel is set to benefit from A$3 million of renovations, and is located opposite the new Pitt Street CBD Metro Station. It features TAB and basement bars, a bistro, a gaming room with 30 machines, and 19 hotel rooms with en suites.
“Sydney CBD hotel opportunities are in very limited supply,” said JLL’s Pub Sales National Director John Muscal. “Having received 12 bids from suitors across three states and of very differing buyer profiles, it was no surprise to see the hotel operation keenly contested.”