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Australia’s most expensive pub deal EVER: Billionaire shelled out $150m to buy some of the country’s best-known hotels
- Billionaire Arthur Laundy shelled out $150 million for control of five hotels
- Pub tycoon has acquired full control of NSW’s best-known pubs
- You now have full control of the pubs, including Watson’s Bay Boutique Hotel.
One of Australia’s biggest hotel barons has spent $150 million on five iconic Australian pubs.
Billionaire Arthur Laundy took a 50 per cent stake in five well-known New South Wales pubs that had previously been held by investor Fraser Short. Laundy Hotels already owned half of the shares.
Hotels included in the deal include Watson’s Bay Boutique Hotel in Sydney’s eastern suburbs and the popular Northies in Cronulla in Sutherland Shire.
Some of the hotels in the deal included the iconic Watson’s Bay Boutique Hotel (pictured)
The industry heavyweight also took control of The Farm (pictured), a popular venue and tourist attraction in Bryon Bay.
The purchases add to an impressive list of venues, hotels and bottle shops the group already owns across the state, including sites in Liverpool, Homebush, Wagga Wagga and Dubbo (pictured Northies in Cronulla)
The industry heavyweight also took control of The Farm, a popular venue and tourist attraction in Bryon Bay.
The other pubs chosen by the Laundy Hotel Group include the Lennox Head Hotel, the Illawong Hotel and the Park House in Mona Vale.
Arthur Laundy (pictured above at his 80th birthday party with daughters Danielle (left) and Justine (right), sons Stuart (front left) and Craig (front right) and his wife Margaret Paul, center) admitted it had been a challenging 10 years in the hospitality industry
The purchases add to an impressive list of venues, hotels and bottle shops the group already owns across the state, including sites in Liverpool, Homebush, Wagga Wagga and Dubbo.
Mr. Laundy and bar industry veteran Mr. Short began their partnership when the two jointly purchased the Watson’s Bay property for $27 million in 2012 from the Doyle family.
Meanwhile, Mr. Short, a father with four young children, told the daily telegraph could get away from hospitality.
“Managing 1,200 employees has had its challenges, I’ve been talking to Arthur for a while about selling myself, it’s been very overwhelming,” he said.
Arthur has given me a chance. How do you manage with work and small children?
Mr. Laundy and bar industry veteran Mr. Short began their partnership when the two jointly purchased Watson’s Bay Boutique hotel (pictured) for $27 million in 2012.
The other pubs chosen by the Laundy Hotel Group include the Lennox Head Hotel, the Illawong Hotel and the Park House in Mona Vale (pictured)
Laundy said he would finance the massive payment of $150 million in cash and debt, admitting it had been a challenging 10 years in the hospitality industry.
His daughter Danielle Richardson was involved in negotiating the big deal with her husband Shane Richardson, which will bring the number of hotel group employees to 3,000.
The group has also become the largest independent buyer of draft beer in the country since the deal.
Mr. Laundy’s son, Stuart, said he looks forward to working more with Danielle and Mr. Richardson, “who are very good operationally.”
He added that he was sorry Mr. Short was leaving the business.
“It’s been great working with Fraser Short,” he said.
Mr Laundy said he would finance the massive $150 million payout in cash and debt, admitting it had been a challenging 10 years in the hospitality industry (Pictured Watson’s Bay Hotel)