LANDMARK Bathurst pub the Dudley has been sold as part of a five-hotel portfolio.
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The hotel, on Stewart Street, was sold along with the Castlereagh (Dubbo), Federal (Wellington), Royal (Orange) and Federal (Mudgee) in a total deal believed to be worth around $75 million.
Industry insiders say Orange's Royal sold for $24 million, a new record sale price for pubs in regional NSW, but each of the five hotels was said to have set a record sale price in its town.
Pub Brokers and Advisory sold the five-hotel portfolio for MPK Hotels to a newly-formed syndicate known as Investment Management Group.
IN NEWS AROUND BATHURST:
Pub Brokers and Advisory managing director Nick Butler was retained to find a buyer for the package via an off-market campaign.
Mr Butler said he met with the owners from MPK in November to start the process.
It continues a period of rapid change for the Dudley, where Robert "Stumpy" Taylor was the long-time licensee from 1993.
Former Easts and Manly rugby league footballer Kevin Junee bought both the Dudley Hotel's premises and business in 2017 before it was bought by MPK.
Hoteliers Nick McKechnie and Nelson Kelly, who lead MPK Hotels, said they wanted to sell to spend more time with their wives and children.
"We have no doubt that the key to this sale was keeping it quiet to allow all of us to work through the challenges of selling five pubs at the same time," Mr McKechnie said.
The purchase was the first major hospitality acquisition for Canberra-based Investment Management Group Hotels (IMG).
IMG CEO Matthew Clowry said MPK did an impressive job of developing the portfolio of hotels.
"Our intention is to leverage these foundations to extend and evolve the hospitality experience for the people of Orange, Bathurst, Wellington, Mudgee and Dubbo," Mr Clowry said.
MPK also owned the Edinboro in the Bathurst CBD, but sold it.
MPK is also selling the Western Star Hotel in Dubbo on a freehold basis.
