SYDNEY, May 2, 2022 /PRNewswire/ — Andrew Lazarus and his son, Luke Lazarus, recently sold The Beach Hotel in Newcastle. Reports indicate the popular property sold for around $40 million. Andrew Lazarus owned The Beach Hotel for only a few years, purchasing it in 2019 from owners Jim Bale and John Twohill. However, after finalizing a successful DA application and making a few changes within the business, Lazarus saw a major increase in valuation over a short period of time.
“Having owned this iconic hotel for a number of years, we find ourselves at a juncture having sought and received a shape-shifting DA that will positively transform the business for the next 50 years of its life,” Luke Lazarus said in a recent interview. The high sale price of The Beach Hotel is also due to the growing pub market in the region. There have been several other recent property sales in the area, including The Carousel Inn, Pub at Rivo, and Vineyard Hotel. According to Andrew, “There are a large number of buyers in this incredibly hot market.”
Lazarus also points out that the growing interest in local pubs and hotels is due to the rising population in these coastal towns. He also adds that people are willing to spend as the global pandemic is becoming less prevalent.
Locally known as The Beaches, the long-standing hotel is loved by guests and locals. It’s situated on Merewether Beach and is home to Newcastle’s only beachside pub. The property also includes a bistro, gaming room, and three areas for private events. Being a two-story property, the scenery is outstanding.
Andrew’s path to success hasn’t always been easy—and location may have something to do with it. In his experience with Exchange Hotel, another one of his properties in Sydney, he learned things the hard way. “To be totally honest, I made that mistake with the Exchange Hotel and paid the price for it,” Andrew said in a recent interview. “Newcastle is completely different from Sydney, so you can’t employ the same strategies. We’ve now taken the time to understand the market at the Exchange Hotel.”
As with all of his real estate ventures, Andrew and Luke Lazarus have learned from their mistakes and always try to do better. These lessons have carried over to their experience with The Beaches. The team really took the time to learn more about the property and dive deep into what locals and visitors look for in a beachside hotel. While Andrew and Luke Lazarus have stepped away from ownership, they’ve passed on their detailed renovation plans and have lessons they can carry over to their other real estate projects.
While Andrew loves real estate development and renovation, philanthropy is becoming a bigger priority in his life. As Andrew and Luke Lazarus are still working on numerous real estate projects, giving back to their community is now a stronger focus.
About Andrew and Luke Lazarus
As Andrew and Luke Lazarus are well-known for their ownership of The Beaches, their experience extends throughout the Australian real estate industry. Many people know Andrew Lazarus from his incredible renovation projects throughout Sydney and Newcastle. In recent years, he has partnered with his son, Luke Lazarus, who has also had a successful career. Luke Lazarus is a long-time entrepreneur who has spent the past 20 years starting and running various businesses. Andrew and Luke have formed an experienced real estate team with an entrepreneurial mindset.
With this leadership mindset and dedication to his craft, Andrew Lazarus has evolved into a top real estate specialist in Australia. And with Luke Lazarus now a part of his team, the sky’s the limit for this father-son duo. The two have plans for a bright future in Newcastle, Sydney, and beyond.
Aside from Andrew’s real estate success, he’s also well-known for his charity work. He uses his hotel venues to hold events and community activities for locals. Looking towards the future, Andrew and Luke Lazarus plan to get their hospitality projects to a place where they can provide more hands-on charity work.
Some of Andrew’s most notable acquisitions include:
- Macquarie Hotel
- Vaucluse Home
- Shoal Bay Country Club
- The Beach Hotel in Merewether
About The Beach Hotel
The Newcastle hotel, known locally as The Beaches became one of Lazarus’ properties when the Eastern Hotels Group purchased it in late 2019. It was owned previously by the Twohill and Bale families. It is situated on the beach and is Newcastle’s only beachside pub. The two-story hotel offers stunning views of the beach but the hotel’s stellar reputation is the main attraction.
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SOURCE The Beach Hotel