Operators trade $77m Sydney hotel
Marcello Colosimo has sold a sprawling Sydney pub bought in early 2022 as a club and converted.
Marlow Hotel Group, led by Julian Marlow, is buying the Silverwater Hotel, for $77 million.
On 7277 square metres beside the Duck River, Parramatta River, Silverwater Park and Silverwater Bridge, it contains a renovated bar with a beer garden, bistro, event space and 98 car parks.
There is also a sports bar with 30 electronic gambling machines and TAB.
The liquor licence runs until 4am.
When it was listed September, the single storey venue ranked 57th in the state for gaming revenue, according Liquor & Gaming NSW.
Annual revenue is c$17m.
Another big deal
The Silverwater Hotel sale comes a month since we reported John Lewis’ Lewis Hotels bought Canley Vale’s Richard’s on the Park from the Webster family for $64m.
In May meanwhile, Scott Didier acquired the Byron Bay’s Beach Hotel for c$140m from Redcape Hospitality.
That deal remains the year’s most valuable for the hospitality sector.
It is also the second priciest ever recorded following the 2022 sale of Casula’s Crossroads Hotel, for c$160m (continues below).
Profitable on sale
Mr Colosimo’s Momento Hospitality bought the Silverwater property for $12.12m from the Dooleys Lidcombe Catholic Club Ltd, or Dooleys, which moved the licence for what was then known as the Dooleys Waterview Club to a Sydney Olympic Park venue.
It reopened later that year following a makeover and rebrand to Silverwater Hotel.
The catchment includes office workers and families in Silverwater – 15 kilometres west of Sydney’s CBD, five kilometres east of Parramatta – Ermington and Newington.
JLL’s Ben McDonald and Joh Musca with HTL Property’s Dan Dragicevich and Andrew Jolliffe were the agents.
Club conversion with 4am licence
The Silverwater Hotel sale comes five months since Marlow bought the Doonside Hotel from Peter Walker for $35m.
It also owns Milperra’s Mill Hotel and Peachtree Hotel at Penrith – the latter bought just before COVID for $16.5m.
Momento also holds a portfolio including Macquarie Park’s Grosvenor Hotel and the Oran Park Hotel.
It did however recently sell the Duke of Dural, in a north west Sydney growth corridor, to the Good Beer Co, for $25m.
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