HTL Property has confirmed the sale of The Grosvenor Hotel in Waterloo, Sydney, to well-known hotelier Ashton Waugh for $8.5million.
Waugh Hotel Consultancy owns Hotel Rose Bay, the Marrickville Ritz Hotel, Ettalong Beach Hotel, Welcome Inn Hotel, Tudor Hotel Tamworth and the Family Hotel Bathurst.
The Waterloo sale follows HTL’s recent sale of Redfern’s Woolpack Hotel to the Laundy Group and represents the agency’s 20th NSW hotel sold during the second round of COVID-19 closures.
HTL said the sale was indicative of not only the industry’s resilience, “but also the rewards available to investors on both sides of the transaction that can be enjoyed following positive action”.
The Grosvenor Hotel is prominently located within the Redfern and Waterloo precinct, and is situated adjacent the proposed Elizabeth Street affordable/social housing master planned community.
Separately, the hotel is situated on a 304sqm landholding with a midnight liquor licence and 12 gaming machines attached.
“The Waterloo catchment is set to undergo an exciting transformation over the next 10 – 20 years, and the buyers were both motivated and deliberate regarding securing a trading platform so close to so many large scale urban renewal projects” advised HTL Property Director, Blake Edwards.
Other inner city hotel transactions negotiated by HTL Property over the last nine months, include the Strand Hotel (Darlinghurst), New Hampton Hotel (Potts Point), Hotel Hollywood (Surry Hills), O’Malley’s Hotel (Woolloomooloo) and the Old Fitzroy Hotel (Woolloomooloo).