Sydney, 20 April 2016 – Surry Hills’ favourite the Trinity Bar is being brought to the market for sale via an Expressions of Interest campaign.
Daniel Dragicevich and Ben McDonald of CBRE Hotels have been exclusively appointed to steer the campaign on behalf of long time operator, Ray Reilly. It will be the first time in 20 years that the asset has been offered publicly for sale.
The hotel is a local institution having successfully navigated through the changes that have occurred in the Surry Hills market since Mr Reilly assumed ownership of the business in 1998.
CBRE Hotels National Director, Daniel Dragicevich noted; “Opportunities to acquire inner city freehold hotels of this calibre are becoming increasingly rare as hoteliers compete with buyers from various other segments for prime properties. The Trinity Bar definitely fits into this profile and with various well publicised groups focusing on acquiring venues with diversified business mixes in recent times, we expect significant interest.”
CBRE Hotels Manager Ben McDonald went on to add; “The robust cash flows of hotel assets underpinned by strong underlying property values in markets such as Surry Hills are a key advantage the Trinity Bar has over alternate investment options.”
The national Expressions of Interest campaign is scheduled to close at 5pm on Thursday 12th May 2016 with CBRE Hotels expecting a balanced mix of commercial property investors and traditional hoteliers to compete for the asset.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.