The seaside property, located in Newcastle, is an iconic establishment that hosts thousands of guests each year.
The hotel was previously owned by the Bale and Twohill families for over four decades.
During this time, the Bale and Twohill families have worked to grow the establishment into the holiday dream it is today.
The exact details of the transaction have not yet been made public, but we are aware that the hotel was initially on sale for over twenty million dollars.
Lazarus shared with Newcastle that his family had been mulling over the idea of purchasing the hotel for quite a while, and they were willing to go to great lengths to get the keys to the castle.
Andrew Lazarus is no stranger to running a hospitality establishment.
The Lazarus family has owned and operated numerous hospitality venues for over three decades.
The Eastern Hotels Group manage an impressive portfolio that includes:
- Shoal Bay Country Club
- The Exchange Hotel
- The Eastern in Bondi Junction
- El Toro Hotel & Motor Inn
- Warwick Farm
- The Vauxhall Inn
Lazarus chose Peter Lazarus to be in charge of the day-to-day running of the hotel.
Peter Lazarus is responsible for the massive renovation in Shoal Bay Country Club that made the family good returns in the long run.
The Deane Moore of Moore Real Estate Company handled the property sale and marketing with Mike Wheatley of Knight Frank.
The beach property is described as a high-value asset with the potential to make good returns on investment due to its prime location and good brand publicity with the locals.
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