Maitland’s iconic Belmore Hotel has sold for $9 million in what is reported to be one of the largest NSW regional pub transactions for 2017.
Ray White Hotels sold the High Street premises on behalf of long-time owners the Murphy family, to a prominent local businessman.
Having indicated that their investment focus is shifting and after spending 14 years in the hospitality industry, the Murphys felt like it was the right time to sell the hotel.
“We’ve owned the hotel since 2003 and since then we have grown older and want to do a bit more of our own thing,” said Luke Murphy.
“We still have development interests in the area, which we will now shift our focus on to.
“It was not an easy decision to sell as we have made many community ties and friendships out of the pub and the Maitland community has been a big supporter.”
Blake Edwards of Ray White Hotels said Maitland has been a hotel hotspot.
“Recently we have enjoyed considerable success in the Maitland LGA having also sold The Bradford Hotel late last year to an O’Hara-Malloy led partnership for a record price,” Mr Edwards said.
“Strategically the well structured nature of the hotel operation on offer at the Belmore Hotel made sense for our purchaser.
“It comes back to strong population growth, a familiarity with the local area and being in close proximity to a large base of white and blue collar industries.”
In other pub news Maitland’s historic Family Hotel, opposite Maitland Hospital, has also sold settling earlier this week.
Agents, Manenti Quinlan and Associates, could not disclose the sold price nor the new owner.
However, in a statement, the new owner said the hotel will take on a new look.
“We are not the old style boozer anymore with a front bar and poker machines,” the owner said.
“We are a modern family hotel focusing on great food, breakfast, lunch and dinner as well as an early morning cafe from 6am catering for families and hospital staff and patients.”