JLL Hotels & Hospitality Group announces the sale of The Metropolitan, Bendigo on behalf of long-term owner, Andrew Lethlean. The Metropolitan Hotel sold by JLL Hotel agents Lachlan Persley and Will Connolly.
JLL Hotels & Hospitality Group is delighted to announce the sale of The Metropolitan, Bendigo on behalf of long-term owner, Andrew Lethlean. After 22 years of ownership, the hotel has been acquired by one of the nation’s most prolific hospitality groups.
The transaction was conducted exclusively by JLL Hotel’s Executive, Lachlan Persley and Senior Vice President, Will Connolly.
Occupying a prominent corner position in the heart of Bendigo’s CBD, within close proximity to the newly developed Bendigo ‘GovHub’, the ‘Metro’ provided the market with a plethora of potential with its large public bar and bistro, upstairs function rooms with private bars, a generous courtyard/beer garden and ornate style balcony overlooking Bendigo’s Town Hall.
The venue was complemented by a valuable 3am liquor licence with generous patron capacity of up to 533.
Lachlan Persley commenting, “Whilst the new owners are yet to publicly announce their acquisition, we can assure the people of Bendigo that they will be provided with an incredible venue, with their impending arrival to the region proving yet again the value some of our industry’s largest operators are identifying in our regional markets”.
During Andrew Lethlean’s long 22-year tenure, the pub continued to evolve under his stewardship, with the unveiling of its most recent incarnation, The Metropolitan in 2015, providing a local following until his recent exit.
Lethlean commented, “After a long and enjoyable innings, I recognised now as the right time to move on. What certainly made the decision easier was the fact that the hotel will now be in the hands of operators who can take the venue to its most exciting chapter to date”.
The sale of The Metropolitan Hotel is now the third of a recent run of pub sales conducted by JLL within the Bendigo region, with both the National Hotel and Foundry Hotel sold earlier this year for a combined price of circa $20 million and an incredible combined ownership tenure of 52 years.
“It’s pleasing to see that the Victorian regional market continues to set the benchmark in transactional activity within Victoria’s pub sector, with our team excited to announce two further sales in the coming days, both within strong regional centres”, concluded Will Connolly.
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