Sydney’s Empire Hotel Sold by HTL Property

Following the leading national specialist brokerage agency’s recent announcement regarding the successful sale of a number of Sydney freehold hotels, including both the Wallacia in Sydney’s west and Kuletos in Newtown; HTL Property today advised upon the sale of the stately Empire Hotel in Sydney’s popular suburb of Annandale.

An on-market public advertised campaign managed by HTL Property’s Sam Handy and Andrew Jolliffe attracted significant market interest, with numerous offers to purchase provided at the time of the first round EOI close.

“We are very familiar with multi-level, multi-revenue generating pub businesses in established Sydney suburbs; and The Empire Hotel represented everything the investor market seeks from this genre of hospitality freehold business” advised HTL Properly Director, Sam Handy.

“The outstanding activation of the upper level accommodation section of the inner-west offering is as good as we have seen from the asset class, and scope to draw upon additional revenue levers was patently there for all interested parties to see” added Handy.

The successful sale of The Empire Hotel, once a part of the Public Hospitality portfolio, highlights another transaction in the traditional hotel asset class which has enjoyed significant market interest over the past 10 weeks.

“As a specialist firm, we have been fortunate to facilitate the sale of ~80% of all Sydney traditional hotel (pub) sales in the past 12 months; a number of which have occurred in the last 8 weeks” commented HTL Property Managing Director, Andrew Jolliffe.

“With further successful sale disclosures to be made this month, the propulsive nature of The Empire Hotel sale, amongst others, serves to highlight the market depth for high quality stock in a structurally restrictive ownership market” concluded Jolliffe.

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