Frisco Hotel sold
JLL Hotels & Hospitality Group has revealed that the Frisco Hotel in Sydney’s Woolloomooloo has sold for $10.5 million.
Situated on a prominent corner site and boasting eight large accommodation rooms, public bar, bistro, lounge bare, function rooms and gaming room with 17 machines the Frisco Hotel delivers an attractive revenue spread for astute operators. With a sizeable first floor balcony uniquely approved to midnight and offering views of Sydney Harbour, this beautifully renovated hotel offers a great platform for patronage from both the local community and the high volume of visitors to Woolloomooloo Bay wharf and the naval base.
JLLs Nick Butler suggested that “the recent investment in the hotel augers well for a re-energized management approach with the rooms and top floor offering potential conversion and rooftop bar scope (STCA) in the future”.
The hotel was sold by local Sydney owners Preskel Pty Ltd, also owners of the leasehold interest in the Bangor Hotel in Sutherland Shire, to Queensland based private interests.
JLL National Director John Musca said: “The Frisco is an exceptionally presented hotel and a great city fringe property and clearly the non-optimal gaming focus historically presents real opportunity for the new owners.”
The sale comes on the back of a spate of metro Sydney hotel transactions including the Commodore Hotel, Harborview Hotel, Harold Park Hotel, Cambridge Tavern and the Empire hotel, all sold by JLL over the past two months.
“We’ve many more off-market transactions to announce in a market showing the strongest fundamentals since 2005”, Musca said.