Evening Star Hotel sold for $6 million

The baton-passing continues in Sydney freehold hotels, with Surfside Hotel Group divesting interests in one of its five CBD venues for around $6 million.

The group has parted with its Elizabeth St venue the Evening Star, ahead of plans to invest in renovations at the other four. 

Speaking to TheShout, Surfside Hotel Group general manager Carolyn Kelly laid out an ambitious program for the coming year. 

“We’ll be doing internal renovations at our Market City and Triple Ace venues, and external renovations at the Star Hotel to restore its heritage appearance. 

“In fact, we’re actually planning to refurbish all four of our city venues in the next 12 months – if I’m not thoroughly sick of builders by then,” she joked. [continues below] 

Evening Star Hotel

Hotel specialist CBRE managed the off-market transaction of the venue, which associate director Daniel Dragicevich said went to a “private Sydney-based hotel group”. 

“The sale comes amid a flurry of city fringe pub sales, and further underlines the strong investor appetite for geographically advantageous assets,” he said.

The Evening Star is located in Surry Hills, outside the Sydney lock-out catchment, which may prove advantageous for the new owners.

Source:  11th April 2014