Built in the 1860s, the Nag’s Head Hotel was sold by former Qantas CEO Geoff Dixon and his business partners David Birkbeck and Russ Lowe at the DBL Pub Groupto a reputable hotelier Marcello Colosimo of Momento Hospitality. The DBL pub group continue to own and operate the Blues Point Hotel in Milsons Point and the Plow & Harrow Hotel in Camden.
Adding to its existing stable of predominantly large-format suburban hotels, the acquisition of the Nag’s Head is Colosimo’s third out-of-town Sydney hotel purchase in as many months; following the sale to Momento Hospitality of the Royal Albert in Surry Hills and the Friend in Hand also in Glebe.
“Our recent purchase of three freehold hotels in the city center demonstrates a strategy to balance the portfolio, as well as an opportunity to activate some restoration levers that we have formulated and are looking forward to. activate,” said Marcello Colosimo, CEO of Momento Hospitality.
The sale of the Nag’s Head hotel was carried out exclusively by specialists HTL Estate Agents Andrew Jolliffe and Sam Handy through an off-market process.
“We are encouraged by the positive activity shown by sales in several Australian states over the past few weeks, and believe that this should serve to illustrate the quality of investment opportunities enjoyed by this asset class backed by ownership and hospitality”, concluded Managing Director of HTL Property, Andrew Jolliffe.