Evening Star finds an alternate Universe
JLL Hotels & Hospitality Group has today confirmed the sale of the Evening Star Hotel in Sydney’s Surry Hills.
Boasting a colourful trading history and a mainstay watering hole of media and newspaper tycoons of years gone by, the Evening Star is now well-positioned to capitalise on the enormous growth through the Southern CBD including the Central Station and Tech Central Precincts which continue to evolve. With the pub situated 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.
JLL Hotels’ Managing Director, Ben McDonald and Senior Vice President, Kate MacDonald facilitated the transaction exclusively on behalf of the private operators who also own a number of hotels throughout Regional NSW.
With sound underlying investment attributes and appealing mix of trade generated via food, beverage and gaming with 24 electronic gaming machines, the Evening Star was snapped up by well-regarded industry group, Universal Hotels, owned and operated by the Kospetas Family. This acquisition takes the Universal Hotel portfolio to 17 venues across NSW with a high concentration in Sydney’s CBD and CBD Fringe.
With this sale JLL has crystallised a leading position for fiscal year 2025 and based on a significant book of work it’s anticipated this deal will be the first of many transaction announcements in the coming weeks and months.
Mr McDonald noted, “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.”
JLL Hotels & Hospitality Group, 7th August 2024
