After a very active campaign that drew a lot of domestic and international interest, the Hollywood Hotel in Sydney’s Surry Hills has been sold to a local operator for a price in the vicinity of $10 million.
The much-loved inner city pub has been sold to the Petersen Group, a private investment company led by Brody Petersen. Petersen is also the owner of The Village Inn in Paddington and Riley St Garage, however those two venues are owned and operated under separate vehicle, Parlour Group.
The public sale campaign for the Hollywood Hotel fielded more than 100 enquiries, after its long-time owner and operator, Doris Goddard, passed away. Goddard had operated the pub – long a favourite for Sydney’s arts scene and journalists – for 42 years.
HTL Property’s Andrew Jolliffe and Sam Handy guided the campaign on behalf of trustee Stephen Goddard, who was pleased that the pub was sold to a business that would keep its hospitality roots alive.
“The level of enquiry was as diverse as it was deep. It brings great pleasure to know the successful party will keep the doors open in a fashion consistent with how Sydney has enjoyed a relationship with this wonderful hotel,” stated Goddard.
Already a beloved pub on the Sydney scene, the Hollywood Hotel offers plenty of scope for growth for Petersen and his team. The hotel includes a 3am liquor license and 10 EGMs. The four-storey building also has the scope to triple the size of the trading footprint, including a rooftop bar, subject to council and ILGA approval. And while hospitality will remain the focus of the venue, B4 Mixed Use zoning means there are opportunities for residential and commercial components within the venue. It’s these possibilities that created so much interest not only among hoteliers, but developers also.
“With Hollywood, we had enquiry from the best hoteliers and restaurateurs in the land, as well as developers and some notable entertainment industry professionals,” stated Handy.
Jolliffe added: “It’s an inimitable thrill to be charged with the responsibility of selling a piece of hotel history such as this wonderful property, and the level of interest garnered is entirely appropriate for the place this hotel occupies in the folklore of this fabled pub town.”