Lorne Hotel sold for $38 million
THE Lorne Hotel has a new owner, with the Upham family selling the famous seaside venue for $38 million.
Sydney hospitality business the Merivale Group announced the completion of the deal today (Wednesday, May 19). They will receive the keys later this year and operate the 145-year-old hotel as normal over the coming summer.
“The Upham family couldn’t think of better custodians of the Lorne Hotel than the Merivale Group,” co-owner Paul Upham said.
“We leave knowing that the residents of Lorne and tourists that visit our beautiful town will have an amazing experience when visiting the venue. We wish them all the best.”
The Upham family operated the hotel – which includes the MoVida Lorne and Coda Lorne restaurants, bistro and bar, function room, accommodation and beer garden – on the Great Ocean Road for more than a decade.
“The Lorne Hotel is an iconic venue in a truly spectacular location,” Merivale Group chief executive officer Justin Hemmes said.
“It has been an absolute pleasure getting to know John and Paul Upham, who have been the proud custodians of the venue for the past 11 years; we feel honoured to continue their legacy and help usher the pub into the next phase of its incredible 145-year history.”
The hotel is Merivale’s second purchase of a Victorian hospitality venue in as many months, following its acquisition in April of Tomasetti House in Melbourne’s CBD.
JLL Hotels & Hospitality’s John Musca and Will Connolly brokered the off-market negotiations between the Upham family and the Merivale Group.
“There’s literally only a handful of very special oceanfront hotels like Lorne around the country and to again have the pleasure of guiding the transition of a landmark from long-time private owners to committed industry stakeholders like Merivale, is quite special,” Mr Musca said.
“The Lorne Hotel is truly a once-in-a-generation asset and to attract an operator of Merivale’s talents is testament to the reputation that not only the hotel has built, but also the town of Lorne itself, having rapidly become a tourist location of national significance,” Mr Connolly said.