The Banksia Hotel has been sold for a price believed to be close to $26 million.
Patrick Ryan has added to the family empire with the purchase of the Banksia pub.
The hotel has undergone somewhat of a transformation in recent years which included the opening last year of the Banksia Bistro where former Four in Hand chef Colin Fassnidge and 3 Weeds' Leigh McDivitt are carving out a new type of dining experience for pub-goers.
The Banksia Hotel was sold by Monarch Hotels. The deal follows the sale of the nearby Rocksia Hotel, for $36 million, at a reported yield of sub 8 per cent, to the Feros Group's Oscar Hotels chain.
It is understood that, given the strength of the pub market, Monarch, which is backed by the US financiers, Varde Partners and York Capital, is looking at a sale of its entire portfolio, worth about $250 million.
Ray White's Asia Pacific director, Andrew Jolliffe, who advised on the Banksia sale, said the pub ranked 170 in the latest NSW government rankings, and was sold to Monarch Hotels in 2014 by the Waugh family.
The sale of the Banksia and possibly the Monarch portfolio, comes after a strong 2017, when close to $1 billion worth of pubs changed hands as investors sold and traditional hotel operators took the opportunity to come back into the sector and create more food and beverage experiences for patrons.
One of the biggest sellers in 2017, was the Australian Pub Fund, which sold an array of assets, including the Peakhurst Inn, Vic on the Park, Enmore, Kinselas, the Marlborough as part of its re-organisation of the former Riversdale pub portfolio.