Marvan Hotels has sold the Evening Star Hotel in Surry Hills.
The hotel was sold to a private investor in an off-market deal negotiated by HTL Property’s Dan Dragicevich and Sam Handy. The exact sales price has not been disclosed, but is understood to be in line with HTL’s price guidance of $12 million.
The Evening Star Hotel holds a 24-hour liquor licence with 24 EGMs licences attached. It is surrounded by several top 100 and 200 ranked gaming hotels and is situated within an SA2 green zone.
It’s also situated in a high-foot traffic area, both metres away from a Woolworths-anchored shopping centre; and across the road from the Central Station rail and bus interchange. The pub is also adjacent to the new Surry Hills light railway station.
While the buyer’s identity has not been revealed, they are reportedly quite new to the pub market.
“The purchaser is a relatively new entrant to the market, which serves as an encouraging sign given this is an asset class with multiple natural barriers to entry, ” stated Dragicevich.
“This transaction further underlines our ability and track record with unearthing non-traditional sources of capital and delivering upon a successful outcome for all parties.”
Marvan Hotels first purchased the Evening Star Hotel in 2014 for $5.5 million, and soon after undertook a comprehensive renovation of the venue. The bar and dining offering was refreshed in 2018 with a focus on a pan-Asian menu.