Matt Moran buys Newtown's Marlborough Hotel
Celebrity chef Matt Moran has added another Sydney pub to his growing empire, purchasing Newtown's Marlborough Hotel for just under $35million.
That's a fat $20million+ profit for John Singleton’s Australian Pub Fund, which paid just $12.7million for the hotel four years ago.
Moran acquired the pub through Solotel, the company he owns with multi-millionaire Bruce Solomon.
“Solotel is delighted to add to the Marlborough Hotel to the existing four hotels we manage in the Newtown area. Solotel will be by the end of this year operating over 30 hospitality businesses in Sydney and Brisbane,” Solomon said.
Solotel also owns the nearby Courthouse Hotel, The Bank, Petersham Public House and The Australia Hotel in Chippendale, plus The Paddington Inn, The Sheaf at Double Bay and The Clovelly Hotel.
The Daily Telegraph notes: "The addition of the Marlborough Hotel to Solotel’s sizeable portfolio now positions Solotel alongside Justin Hemmes’ as Sydney’s most powerful hospitality group."
Another sale for Australian Pub Fund
The sale of the Marlborough is part of a massive sell-off by APF. Since November last year the company has sold five hotels, with five more – including Kinsela’s in Darlinghurst, Unity Hall in Balmain, The Vic on the Park in Marrickville and Brisbane’s Stock Exchange and Elephant Arms – still on the market.