- Thursday, 17 May 2012 07:53
Article Read: 536
Wollongong publican Jaz Mooney has paid $5.9 million to add Gilmore's Hotel at Coniston, which has been in receivership since February, to his portfolio of 10 hotels.
The hotel has been run by the Gilmore family for over 30 years.
The asking price of $6.5 million reflects the sluggish market, according to Sam Hardy from Jones Lang LaSalle Hotels.
The Gilmore family recently spent $6 million on refurbishing the hotel with an estimated $1 million still to be spent on the garden area and upstairs accommodation.
Settlement is expected mid-June so the property is still in the hands of receivers who appointed Pat Cullen as temporary licensee.