Tag: Evening Star Hotel

Surry Hills Evening Star Hotel Sold to Universal Hotels Group

The iconic Evening Star Hotel in Surry Hills has been sold to Universal Hotels, marking a significant change in ownership for the historic Sydney pub directly opposite Central Station.

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JLL Hotels & Hospitality Group confirmed the sale on the 7th of August 2024, though the exact date the deal was closed was not specified.

The Evening Star Hotel has long been a fixture in Surry Hills, known for its colourful trading history and popularity among media and newspaper tycoons in past years. Its prime location on Elizabeth Street, opposite Central Station, has made it a notable establishment in the area.

Evening Star Hotel
Photo Credit: Evening Star Hotel/Google Maps

The Evening Star Hotel offers a range of services including food and beverage options, as well as gaming facilities with 24 electronic gaming machines. Its strategic position allows it to benefit from growth in the Southern CBD, including developments in the Central Station and Tech Central Precincts.

JLL Hotels’ Managing Director Ben McDonald and Senior Vice President Kate MacDonald handled the transaction. The hotel was sold on behalf of private operators who own several hotels in Regional NSW. It was purchased by Universal Hotels, owned by the Kospetas Family, adding to their portfolio and bringing their total to 17 venues across NSW.

The sale has generated significant interest in the industry, drawing strong attention from publicans seeking exposure in a tightly held market segment. This transaction positions JLL for a leading role in the 2025 fiscal year and is expected to be the first of many transaction announcements in the coming months.

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Mr McDonald stated that the firm’s main objective is to improve their clients’ investment strategies, whether buying or selling. He noted that both parties involved in this transaction pleased with the outcome.

Published 9-Aug-2024

Surry Hills Icon Evening Star Has Hit The Market

Photo Credit: Google Maps

The Evening Star Hotel, a prominent fixture on the border of Surry Hills and the Sydney CBD, has hit the market, presenting a rare opportunity for investors and operators in this thriving inner-city suburb.

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Situated on Elizabeth Street, just steps away from Central Station and the Light Rail, the Evening Star is poised to benefit from the ongoing transformation of the area. The hotel’s prime location puts it at the heart of Sydney’s burgeoning $3 billion Tech Central precinct, which is expected to bring an influx of approximately 25,000 office workers to the neighbourhood.

The property boasts a spacious public bar, commercial kitchen, and a separate gaming room operating under a valuable 24-hour license. With 24 gaming machines and a historically strong ranking in the Top-250, the Evening Star presents significant potential for revenue growth, particularly in its food offerings.

Current owner Barham Hamarashid, who acquired the hotel in late 2020 for $12 million, has overseen recent refurbishments to both the bar and gaming areas. The sale comes as part of a shift in Hamarashid’s portfolio, which includes other commercial properties in Surry Hills.

Ben McDonald of JLL Hotels, who is handling the sale along with colleague Kate MacDonald, emphasised the unique positioning of the Evening Star. “This property offers a convergence of demand drivers that are rare in the tightly-held Sydney CBD and fringe areas,” McDonald stated.

The sale is expected to attract strong interest from operators looking to capitalise on Surry Hills’ ongoing gentrification and the anticipated economic boost from nearby developments. While specific price expectations haven’t been disclosed, industry insiders suggest comparable properties in the area are valued at no less than $20 million.

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For Surry Hills residents and businesses, the sale of the Evening Star Hotel represents not just a change in ownership of a local landmark, but potentially a barometer for the neighbourhood’s rising property values and economic prospects.

Expressions of Interest for the Evening Star Hotel close on Wednesday, 8 May, marking a significant opportunity for investment in one of Sydney’s most vibrant and rapidly evolving suburbs.

Published 8-April-2024