Publican families buy Terrigal landmark

Publican families buy Terrigal landmarkThe Laundy and Karedis families have bought the Crowne Plaza Terrigal for more than $60 million, after Eureka Funds Management put the asset to market in 2015.The hotel investor families – who shelled out $110 million for the Sheraton Noosa in 2015 and spent $56 million on the Novotel Manly Pacific back in 2003 – have amassed a portfolio of regional hotels reportedly worth more than $300 million.The Crowne Plaza Terrigal has a 4.5 star rating, and sits on 11,000 sqm of land. Refurbished for $10.4 million in 2014, it is managed by InterContinental Hotels Group.The 199-room, beachfront hotel was marketed by Andrew Jolliffe and Max Cooper of Ray White Hotels, and Wayne Bunz and Rob Cross of CBRE Hotels.The deal was struck on a yield of around seven per cent.Eureka Funds Management owned the property for nearly a decade before putting it up for sale as part of a $0 million hotel portfolio. The bulk of the assets, including Melbourne’s InterContinental and Coogee’s Crowne Plaza, was purchased by Lorenz Grollo’s Equiset Grollo Group. The Laundy family manages a hotel and pub empire which includes the Woolloomooloo Bay Hotel and the Woolwich Pier Hotel in Sydney, snapped up for close $35 million in 2015.Liquor baron Theo Karedis sold his bottle-shop chain to Coles Myer in 2002, and together with son Greg has invested in commercial properties along Australia’s east coast.