HTL Sells Another Western Sydney Hotel

Following the firm’s recent sale of the large format Strathfield Hotel to Iris Capital’s Sam Arnaout, specialist HTL Property agents Dan Dragicevich and Andrew Jolliffe are pleased to announce they have transacted upon another top tier Western Sydney venue; with the sale of the sprawling Mill Hotel in Milperra.

The imposing property, spread across a 9,527sqm landholding with substantial on-site parking and an efficient tavern style operation, promotes an evergreen business model which generates more than $14.5m in annual trade from an extremely well -rounded revenue base.

“JDA have done an incredible job in establishing The Mill as one of the most popular and diversified hotels in Western Sydney, handing over an operation underpinned by irreplaceable trading fundamentals and clearly positioned for continued prosperity” advised HTL Property National Director, Dan Dragicevich.

“What this off-market sale shows us is that A-grade inventory, even at material price points, remains highly sought after acquisition targets” added Dragicevich.

JDA Hotels, led by second generation Hotelier siblings John and Dean Feros and Alexandra Henderson; have successfully owned and operated The Mill since 2005 – overseeing wholesale extensions and renovations in that time, and which incorporated an almost doubling of the trading footprint.

“We’ve been quite acquisitive in Chinatown recently, and have also undertaken some large-scale renovations throughout our existing hotel portfolio” advised JDA CEO, John Feros.

“And whilst the Mill is quite sentimental to us, we made the collective decision that the time was right to pass the baton; and in doing so are thrilled that Jason and Peta Marlow will now steer the venue moving forward” Feros concluded.

The purchasers, Marlow Hotel Group, are heading into their third generation of family operators and now boast an impressive portfolio of eight family-friendly venues.

“With sale activity spoken for in most state’s of Australia over the past month, and with further announcements scheduled, HTL holds the considered view that the tensile strength of the hotel market is significantly greater than that of other property classes for the foreseeable future” concluded HTL Property Managing Director, Andrew Jolliffe.

HTL Property declined to reference the price paid by the successful bidder, other than to confirm the agency’s market guidance was achieved.
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