An end of an era is approaching with the Longueville Hotel to change owners after nearly 100 years. The good news is that it has been sold to the owners of the Hunters Hill Hotel who have a real connection with the Lower North Shore.
It was an off-market sale. It was sold 10 days before the close of an invitation-only Expression of Interest process conducted by JLL Hotels & Hospitality Group. Both the Australian Financial Review and The Sydney Morning Herald have reported it sold for around $50 million.
JLL Hotels & Hospitality Group Managing Director, John Musca and Senior Vice President, Ben McDonald exclusively negotiated the sale on behalf of the Campions whose extended family have owned and operated the hotel for nearly 100 years, taking over on opening in 1929.
The Campions originally purchased the lease off Tooth & Co before acquiring the freehold.
The Campion family have watched the Lane Cove Village evolve into a thriving town centre with Graham Campion, third generation and the current operator of the business, literally growing up in the hotel
The purchasers of the hotel are industry identities Patrick and Angela Gallagher of Gallagher Hotels, who are set to add ‘The Longy’ to their stable of large-format, landmark community hotels including the Hunters Hill Hotel and Terrigal Hotel.
Patrick Gallagher told ITC that they purchased the hotel as they love the area and want to keep the ownership in the same hands for the next 100 years.
Family representative Graham Campion commented that “it’s with a tinge of sadness but immense pride that the family are handing over the Longy to such respectful, exemplar custodians as the Gallaghers and we wish them every success with the next evolution of this wonderful business”.
“We are delighted to now consider the ‘Longy’ as part of the Gallagher suite of quality family hotels and thank the Campion family for the opportunity to continue the hotels legacy in this wonderful, supportive community”, Mr Gallagher said.
The Hunters Hill Hotel is an iconic pub and a huge supporter of their local community; it’s good to see a lower north shore family take over the Longueville.
The sale is amidst a recent swathe of generational family exits from the hotel industry from smaller owner-operators where private groups are utilizing their balance sheet strength in a supply starved, highly regulated market, to expand their portfolios alongside the bigger national corporations and their insatiable acquisition appetite.
JLL Senior Vice President, Ben McDonald highlighted “the chance to acquire hotel assets commanding a monopolistic position in strong retail locations are worthy of ‘unicorn’ status and likely to be held by new buyers generationally. We don’t see that changing anytime soon as asset supply continues to diminish.”
It will be at least six months before the sale is completed (for example liquor licence etc has to be transferred.)
Background to Building
The Hotel is a two-storey building and is listed as a Heritage Item (I176) under Schedule 5 of the Lane Cove LEP.
It was listed as a heritage item as the original building was constructed in 1928 in the Classic Georgian Revival style, located at the front of the property. The courtyard, located at the rear of the property fronting Little Street and Potter Lane, is a modern addition constructed in 2005 and refurbished in 2019.
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