Lantern is expected to de-list from the stock exchange and return all proceeds of the sales to shareholders. CBRE Hotels and Ray White Hotels managed the sale campaign, and National Director Daniel Dragicevich said the sale represented an outstanding result.
He added: “We’ve been privileged to have been heavily involved in Lantern Hotels’ divestment program, with the Crown Hotel sale bringing to a close what has been a very successful outcome for the shareholders.
“Peak Investments has been strategic in its selective investment approach following its entrance into the NSW market two years ago with the purchase of the Rose and Crown Hotel in Parramatta.
“This private funds management style of purchaser is becoming more and more prevalent in the current climate and provides genuine competition for the traditional pub families when quality assets are put to market.”
Record year for the pub sector
The sale of the Crown Hotel follows a record 12 months for the Sydney pub sector, with more than $550 million in deals finalised. The final three months of 2016 and beginning of 2017 have seen unprecedented activity, with 13 top gaming hotels sold.