Image: (c) Google Images 2019.

Oscars Hotels Group have paid $10.3m for the Empire Hotel in Sydney’s Annandale suburb, it’s been confirmed.

Brothers Bill and Mario Gravanis – inducted into the AHA NSW Hall of Fame in 2017 – are first generation publicans and the duo behind Oscars Hotels Group.

The Empire Hotel is an 803m² corner site mere metres from two of their other venues, the Camperdown Hotel and live music venue the Annandale Hotel, which Oscars Hotels acquired in 2013.

Oscars have acquired the freehold and leasehold for the Inner West property from separate owners – the freehold from Sam Agostino.

JLL Hotels & Hospitality Group this week confirmed the off-market sale of the Empire Hotel, Annandale for $10.3 million.

The $10.3m price paid appears a good deal for the buyers, given the prominent corner site comes with 24 accommodation rooms, public bar, bistro, and lounge areas and gaming room with 16 machines. A recent late trading approval extends the opening hours from midnight to 3am while DA approval for the new gaming room has added scope for additional revenue generation.

“Following gaming earnings, accommodation has more recently become a new high-margin sought after revenue stream with many hoteliers looking to properly activate the rooms,” says JLL’s Nick Butler, who managed the sale.

Oscars Hotels already operate 26 venues across NSW and the Empire Hotel purchase follows hot on the heels of their purchase and refurb of the Botany Bay Hotel in April 2019.

“Fundamentally the Empire is an exceptionally presented hotel and a great piece of city fringe property with the potential to add more rooms, and clearly an underdone gaming trading opportunity,” says Butler.

Leave a comment

Your email address will not be published. Required fields are marked *