Merivale Just Bought Botany Road's Tennyson Hotel for a Cool $37.5 Million
Looks like another old pub is getting a makeover.
Just when you think Merivale is done for the year — they've opened the Fred's and Charlie Parker's double venue on Oxford Street, turned the Newport Arms into an insane pub wonderland, have been working on the new iteration of Enmore's Queen Vic Hotel and bought the Alexandria Hotel this year alone — they go and acquire another Sydney pub. The Sydney hospitality empire has rounded out 2016 with another huge coup — they've just bought Botany Road's Tennyson Hotel.
According to The Sydney Morning Herald, Merivale's Justin Hemmes bought the Mascot corner pub for a cool $37.5 million — the largest sum paid for a hotel at a public auction in Sydney's history. Let that number sink in: $37.8 mill. The reason the pub went for such a huge price probably has a lot to do with the fact that it's one of NSW's largest gaming venues. There's no word from Hemmes on if the machines will stick around, but going by Merivale's other flagship venues, we reckon they'll probably get the boot.
The buy up of the Tennyson extends Merivale's spreading suburban pub domination, and — along with the Alexandria Hotel, which the group bought last year — cements their focus on the southeast area.
Via The Sydney Morning Herald.
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