Universal Hotels have acquired Evening Star Hotel in Sydney’s Surry Hills, after first planning to buy the pub just before Covid hit.
The Evening Star Hotel, located at the southern end of the CBD and adjacent to Central Station and has a long and colourful history, has been acquired by Universal Hotels.
JLL’s Ben McDonald and Kate MacDonald facilitated the transaction exclusively on behalf of the private operators who also own a number of hotels throughout regional NSW.
Harris Kospetas, CEO of Universal Hotels, told Australian Hotelier that the group was initially intending on exchanging on the Evening Star Hotel in March 2020, but the onset of the pandemic forced the withdrawal from the deal as lockdowns occurred. The CEO is pleased that the Evening Star Hotel is now able to join the group portfolio.
“The location and demographic of Evening Star has a strong synergy with our customer base and we feel that there is great potential for us to activate our resources and improve the hotel’s offerings,” stated Kospetas.
The Evening Star has a good mix of trade across food, beverage and gaming with 24 EGMs. The pub is also well-positioned to capitalise on the enormous growth through the Southern CBD including the Central Station and Tech Central Precincts which continue to evolve.
Located on Elizabeth Street and directly opposite Sydney’s Central Station, the sale campaign drew a strong audience of publicans seeking greater exposure to what is traditionally a very tightly held segment of the market.
“As a firm, our primary goal is to optimise and enhance the investment strategies of our clients – be it on the buy or sell side. This transaction has worked out extremely well for both parties who are elated with the outcome,” stated McDonald.
Universal Hotels already has plans to reposition the pub in line with the changing area.
“Our plans initially will be to take over and revamp the hotel to appeal more to locals, young professionals and commuters around the Central Station precinct, as well as focusing on a new and exciting south-east Asian food and cocktail concept,” explained Harris.
The acquisition of the Evening Star Hotel brings Universal Hotels portfolio to 17 venues across New South Wales, with a high concentration of venues in the Sydney’s CBD and CBD fringe.