Patonga hotel sold for a second time in 12 months

The Boathouse Hotel at Patonga has been sold after operating for less than a year under new ownership.

The hotel was sold along with seven other Sydney restaurants owned by the Boathouse Group to "two family investment offices from within NSW".

In a statement to Peninsula News, The Boathouse Group said the rapid expansion in the previous year, particularly the opening of The Boathouse Hotel Patonga and Barrenjoey House, resulted in the need to rectify financial pressures and recapitalise.

"This purchase by new equity partners provides the investment the group requires to continue delivering the experience our guests know and love," the statement said.

Group founders Pip and Andrew Goldsmith will continue to manage the day-to-day operation of the businesses and look forward to working with new majority owners.

"It is business as usual in all of our venues and The Boathouse Group looks forward to continuing to serve its guests at all of our locations," the statement said.

SOURCE

Media statement, 1 Aug 2019

The Boathouse Group

Reporter: Sue Murray