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Press Release

Chinatown Hotel Sale

The leasehold interest in the Covent Garden Hotel, a Chinatown hospitality institution with Luey family origins stretching back to
the 1970’s, has been sold off-market by Ray White’s Asia Pacific Director of Hotels Andrew Jolliffe.

The three storey and dual fronted Covent Garden Hotel, opened in 1911 by Tooths & Co, has been a hospitality icon and centurion
of sorts given its prime positioning at the gateway to Chinatown’s famous Tumbalong Boulevard.

Sold via a discreet and off-market campaign, leading hospitality broker Andrew Jolliffe says the change of hands signifies the
enduring nature of Sydney’s entertainment precincts.

“Our client, the Luey family, have very successfully occupied the Covent Garden Hotel for decades, and accordingly sought from us
a transaction which identified a suitable party via which to continue the strong business operation known to thousands of local and
international patrons” said Jolliffe.

“Many a visitor to Sydney’s vibrant Chinatown district, whether seeing an international performance or attending Paddy’s Markets,
has walked through the doors of this proud institution” commented Jolliffe. “Importantly, the transaction we’ve co-ordinated
means the legacy created by the Luey family is in very safe hands for another generation, and will be preserved under the guidance
of one of Sydney’s most well-known and highly credentialed hospitality families” advised Jolliffe.

A spokesman for the Luey family confirmed the sale, and advised that the family was extremely proud of the hotel’s history, whilst
being excited about the business’s future under the guidance of the new operator.

With recent sales of numerous high profile hotel operations including the Vic on the Park and Collaroy hotels to Merivale
impresario Justin Hemmes, as well as Newtown’s iconic Marlborough Hotel to Solotel’s Bruce Solomon, Jolliffe believes the hotel
asset class remains well positioned.

“We’ve been fortunate to manage the sale of a number of high profile hospitality operations, and this has afforded us great
transparency in terms of the patent health of the hotel investment landscape along the Australian East Coast” said Jolliffe.

“Unmistakably, the asset class remains particularly strong, and strengthening, with key fundamentals all scripting earnings growth
indexed to strong cash flows and meaningful barriers to competitive entry.” “The latter one of the few positives of the
comparatively heavy regulatory landscape upon which our industry exists” concluded Jolliffe.

Jolliffe, who previously sold 32 leasehold hotels in one line to Woolworths pub arm ALH, would not be drawn on the price or terms
for the Covent Garden Hotel transaction; other than to confirm the purchaser is a very experienced multi-hotel operating group
from Sydney.

“We are particularly grateful for the opportunity to have acted on behalf of a family with such prominent Chinatown heritage, and
given its pedigree, we wholly expect the purchaser to both amplify and enhance the already impressive hospitality journey the
Covent Garden Hotel has charted” concluded Jolliffe.


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