After nearly 20 years of ownership by the Illawarra’s Denmeade family, the iconic ‘Palm Court Hotel’ has changed hands for just under $10 million.
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Peak Investments, run by Damian Kelly, is now the owner, and is the second pub for the company after buying Parramatta’s Rose and Crown Hotel last year.
Meantime the Denmeade’s say they’re not exiting the industry.
Long term owner Andrew Denmeade, who has retained both the Unanderra Hotel and Shellharbour’s Central Hotel added the sale “represented the right time for my family to exit the asset, which has proved a great hotel and investment”.
Ray White Director Andrew Jolliffe said the hotel had experienced a period of sustained growth following recent improvements and presented all the key ingredients for continued success.
"The whole Illawarra region continues to be in high demand from experienced hoteliers,” he said.