$45m for Sydney hotel

AN36-4-DN-Caringbah copySydney's Caringbah Hotel has been sold for an estimated $45 million to Woolworths' hospitality arm ALH.

The Bayfield Family sold the Caringbah Hotel to further develop its portfolio of pubs, which includes the Newport Arms and Dee Why hotels.

Selling agents Andrew Jolliffe of Ray White Hotels Australia said the off-market sale of the well-known blue-chip hotel represented one of the largest, if not the largest, single hotel transaction for the past two to three years.

Mr Jolliffe said while the pub sector had been under pressure due to uncertainty about poker-machine regulations, there had been substantial off-market activity over the past six months, transacting, on average, almost one pub asset a week.