Hotelier Jason Marlow has purchased the Peachtree Hotel in the western Sydney suburb of Penrith for $16.5 million.
Marlow Hotel Group purchased the large-format hotel – sitting on a 10,550 sqm block – via an off-market transaction. Marlow stated that he intends to turn the hotel, which currently known for its nightclub/party offering into a family-friendly venue that will focus on food and entertainment.
“We’re not in the nightclub business and want to ensure that it stays this way. We’re dedicated to providing the community with a family-friendly hub for socialising, not simply a local watering hole.”
Andrew Jolliffe of Ray White Hotels, who handled the transaction, stated that the Peachtree Hotel already has diversified revenue streams to be built on.
“The Peachtree Hotel is illustrative of a modern day suburban licensed premises, with multiple demographics catered to, and revenue centres configured to ensure trade is enjoyed via a number of internal business departments across a broad spectrum of any 24-hour period.”
The group’s latest acquisition is in an area expected to grow exponentially in coming years as a significant economic corridor in Sydney. Dubbed ‘The Growth City’, Penrith City Council has committed to a $5 billion Sydney Science Park in the LGA, which when completed will be home to approximately 12,000 workers, 10,000 students and 10,000 residents. Sydney’s second airport is also being built in the area.
“We know Penrith residents love being out and about within their community. With the rate of development and the commencement of the airport, we believe the workforce will be located closer to home, resulting in more quality time with family and friends. Peachtree Hotel will be the new favourite local for some awesome pub bistro fair,” stated Marlow.
The hotelier intends to include a variety of casual dining options and function spaces to the Peachtree Hotel’s offering, as well as an indoor kids’ play facility.
“We’re renowned for bringing quality food to our venues to deliver an exceptional dining experience for our patrons – something we’re excited to bring to the Peachtree Hotel.”