2009 has been an interesting stop-start year. The market has been
cautious with low sales activity across country NSW. Media reports have
focused on the "big end of town" with reports of record sales being
achieved for a couple of large Sydney investment properties leased to
corporate giant ALH. Corporate operators such as Headly Group, NLG and
ING have sold some of the hotels they acquired in recent years for a 30%
loss in price.
Receivership auctions have commenced with predominantly metropolitan
properties, however 3 hotels in Wollongong, 2 hotels in Queanbeyan,
Hotels in Richmond, Maitland, Boolaroo and Braidwood indicate that there
may be growing numbers of country hotels forced to sell by banks.
The decline in hotel values are well publicised in the media. This has
resulted in the banking industry becoming nervous, lowering lending
ratios and demanding valuations from existing hoteliers to check their