Oscars Hotels sells the Strand Hotel to Jaga Group

The Strand Hotel in Darlinghurst has sold to the Jon Adgemis-led JAGA Group in another off-market transaction further underlining the appetite for Sydney city fringe pub assets.

HTL Property’s Dan Dragicevich, Andrew Jolliffe & Sam Handy negotiated the transaction on behalf of brothers Bill and Mario Gravanis and in a conjunction with JLL Hotels.

Over the past few years, Oscars Hotels have been particularly acquisitive having recently purchased and redeveloped the Beachcomber Resort on the Central Coast and Sydney’s Rocksia Hotel and Livingston
Hotels.

Whilst not traditionally considered sellers of assets, the brothers cited good portfolio hygiene and the opportunity for some operational consolidation as the rationale behind the sale.

The Strand Hotel had recently undergone an extensive $3 million renovation and refurbishment which now includes 25 ensuited accommodation rooms with a 3.5-star rating and expanded gaming room. It features a 24-hour liquor licence with 20 x gaming machines attached.

The purchaser, Jaga Group, own several similar hybrid pub and accommodation developments across Sydney including the Camelia Grove Hotel (Erskineville), Town Hall Hotel (Balmain) and the Exchange Hotel in Darlinghurst.

“The Strand is the fifth hotel we have bought with HTL Property, we’re grateful for their professionalism and pragmatism over the course of our long-standing relationship’ advised Jaga Group founder Jon Adgemis.

The sale of the Strand Hotel follows other recent sales by HTL Property of nearby pub assets including the Courthouse Hotel (Darlinghurst), the Old Fitzroy and Bells Hotel (Woolloomooloo). It also comes just weeks after the boutique firm launched two other high-profile pubs to market, being O’Malleys Hotel (Woolloomooloo) and the Hotel Hollywood (Surry Hills).

‘What this sale serves to highlight, is not only the strengthening weight of outside capital, but also sophisticated interest in an asset class which has continued to rebound prosperously following 2020’s external challenges” advised HTL Property’s National Director Dan Dragicevich.

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