Image via The Northside Hotel
Fund manager Harvest Hospitality has sold The Northside Hotel in Albury for $27 million, marking another step in its capital recycling strategy and plans for future growth. The property was purchased by JDA Hotels, the Feros family’s hotel group, which continues to expand its footprint across NSW, Queensland and Victoria.
As reported by The Australian Financial Review, the deal was brokered by HTL Property’s Andrew Jolliffe and Blake Edwards and forms part of a partial sell-down from Harvest’s $258 million Pub Fund 1. Harvest initially acquired the Northside Hotel in 2021 for $16.2 million, later selling part of the site and its bottle shop business for $3 million in 2023, before completing a refurbishment in 2024.
Harvest co-founder and chief executive Chris Cornforth said the sale aligns with the group’s strategy to return capital to investors while continuing to expand its portfolio. He noted that Harvest is selectively selling assets from Pub Fund 1 and Pub Fund 3 while progressing capital works across underdeveloped venues, including The Jerrabomberra Tavern in Queanbeyan and The Victoria Hotel in Wagga Wagga.
The group is also preparing to launch two new hotel funds, one targeting between $200 million and $300 million in assets, and another around $500 million, with an eye toward diversification and possible expansion into Queensland.
Cornforth said Harvest remains optimistic about regional and suburban markets, where population growth and tourism are driving hospitality performance. “We love the suburban areas, we love where there’s good population growth, where new houses are being built,” he added.
For JDA Hotels, the acquisition follows its $35 million purchase of the Crystal Palace Hotel in Haymarket earlier this year. The addition of the Northside Hotel brings its portfolio to 13 venues across three states.
Transaction momentum in the pubs sector remains strong, with over $1.7 billion in pubs, bars and nightclubs changing hands by September, well above the 10-year average of $1.48 billion, according to HTL Property. This reflects strong investor appetite in regional pubs, supported by steady economic activity and population growth outside capital cities.
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