The Terrigal Hotel has been bought for an undisclosed sum by Hunter Hotel Group, whose portfolio spans prime hospitality assets across the NSW Central to Mid-North Coast.
The transaction was brokered exclusively by JLL Hotels & Hospitality Group Managing Director, Ben McDonald, and Executive Director, John Musca.
Keys to the hotel, owned by Patrick Gallagher of Gallagher Hotels in partnership with John Daly, will be handed over in September.
Gallagher said he and Daly would miss their the longstanding affiliation with the Central Coast community.
“We’re very sad to be leaving Terrigal and the local community we have enjoyed such a close, positive relationship with during our tenure,” he said.
“From the Surf Club to the Terrigal Sharks and the Fishing Club, owning and operating this hotel in such a vibrant community has been a real joy for John and I and our respective families.
“We wish the Hunter family every success in the future.”
Gallagher and his family are planning to turn their heads to completing their large scale, $10M refurbishment of the famed Hunters Hill Hotel, set to open in the coming weeks, along with optimising the balance of their portfolio which includes the Longueville Hotel, Jacksons on George in Sydney’s CBD and the Railway Hotel, Fairfield.
The Terrigal Hotel is a multi-level hospitality venue comprising expansive bar and dining spaces, high-capacity function areas, and a high-performing gaming lounge.
The venue generates average weekly revenues in excess of $285,000, underscoring its strong local patronage and year-round tourist appeal.
“This discreet off-market transaction highlights the continued appetite for premium coastal pub assets,” Ben McDonald said.
“Terrigal Hotel’s scale, trading performance, and blue-chip location made it a highly attractive acquisition for experienced operators like the Hunter family.”
Managing Director of Hunter Hotel Group, Paul Hunter, said the group was excited to be taking on such an iconic venue in a great location.
“We look forward to building on its strong reputation and continuing to deliver great hospitality for the local community and visitors alike,” he said.
Undisclosed sum? Or $47M as reported in the AFR on the 12th of August.