Feros owned JDA Hotels buys Tennyson Hotel in Mascot, Sydney
The Feros family-owned JDA Hotels has added the Tennyson Hotel in the Sydney suburb of Mascot to its burgeoning hospitality empire in a near $28 million acquisition.
The group could activate a short-term accommodation development on part of the property in keeping with the trend sweeping Sydney that has seen publicans add apartments to sites.
The pub, which JDA started running last month, is a strong performer and ranks highly in NSW’s top 200 gaming pubs.
This year JDA has bought and revamped the Padstow Park Hotel in Sydney’s southwest, which it picked up from Coles Liquor Group for about $14m. It also bought the Jannali Inn in Sydney’s southern suburbs from the Durkin family for about $10m.
Andrew Jolliffe of Ray White Hotels brokered the off-market deal but declined to comment on it yesterday. He said that publicans across Sydney were building upon their operational expertise and then identifying additional revenue streams from well-located sites.
“We see it as an opportunity to improve the venue,” JDA Hotels’ John Feros said, noting there was the opportunity for a serviced apartment development on part of the property.
In addition to keeping the gaming element strong JDA also plans to improve the food offer. Mr Feros said the purchase was in keeping with the group’s model of looking for opportunities to improve pubs that also had some property development potential.
JDA Hotels has been an active trader this year. It sold the Macquarie Hotel in Sydney’s outer west to Andrew Lazarus’s Eastern Hotels Group for about $25m.
The pub market has been running hot and Mr Jolliffe claimed major individual honours at the annual Ray White International Awards on the Gold Coast last week.
He said the pub market in Australia was showing exceptional depth and, while pricing was robust, there were further opportunities. He was the firm’s top agent internationally for gross settled fees in a year that included the sale of Sydney icons The Newport Arms and the Woolloomooloo Bay Hotel.
Source: The Australian - Business Review, Ben Wilmot, 13th August 2015
Originally published as: Feros owned JDA Hotels buys Tennyson Hotel in Mascot, Sydney
